Sunday 15 April 2012

Qatar National Bank buys 49 pct stake in Libyan bank | Agricultural Commodities | Reuters

Qatar National Bank (QNB), the Gulf state's largest bank, has acquired a 49 percent stake in Libya's Bank of Commerce and Development as part of the Qatari lender's aggressive expansion strategy.

The Benghazi-based bank approved QNB as a strategic partner, according to a memorandum of understanding signed by the two institutions, a statement from QNB late on Thursday said.

Bank of Commerce and Development, which employs around 820 people, has total assets of $2 billion and a network of 32 branches, the statement said. No other financial details of the transaction was disclosed.

No comments:

Post a Comment