First Gulf Bank has shut its operations in Libya to comply with UN sanctions just months after opening a second branch there, says its chief executive.
The Libyan business was part of an international expansion strategy, which has also opened offices in India, Singapore and Qatar.
"It's a case of wait and see, like for any other foreign investors," said Andre al Sayegh, the bank's chief executive, of the Libyan closure. "The bank has a management agreement, but it has been discontinued because force majeure is going on."
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