Qatar’s top bank has purchased a major stake in one of Libya’s leading privately held financial institutions. The deal strengthens the commercial ties between two countries already bound together politically in the wake of the Arab Spring uprisings.
Following months of negotiations, Qatar National Bank, the energy-rich Arabian Peninsula kingdom’s largest financial institution, paid an undisclosed sum for a 49 per cent stake in the Bank of Commerce and Development.
According to a press release, the deal was announced at an extraordinary April 12 meeting in the eastern Libyan city of Benghazi, where peaceful protests against the dictatorship of Col Muammer Gaddafi evolved into an armed uprising against his rule backed by Qatar, Nato and other countries.
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