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.
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