Arab Banking Corporation (ABC), Bahrain's second largest bank, has agreed to buy a 49 percent stake in Libya’s Mediterranean Bank.
The deal is expected to close in the first quarter of 2011 subject to regulatory approval, the bank said Wednesday in a statement.
The Central Bank of Libya earlier this month became a majority shareholder in ABC with 59.37 percent of its stock, after buying Abu Dhabi Investment Authority’s 17.7 percent stake.
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