Global Arab Network | Libya to privatise National Commercial Bank

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Libya to privatise National Commercial Bank

Global Arab Network - - George Haddad

Monday, 28 September 2009 14:50

Global Arab Network - Libya aims to partly privatise National Commercial Bank and pursue plans to open its financial sector to international competition through the sale of up to three full banking licenses, central bank governor Farhat Omar Bin Guidara said on Monday.

"There will be bidding next year for two to three licenses for new banks," Guidara told reporters on the sidelines of an Arab central bank governors meeting, saying the bidding would include international banks.

Guidara said the country aimed to raise about 50 million Libyan dinars from the sale of a 15 percent stake in NCB.

Libya said last year it planned to sell stakes in Al Joumhouriya Bank and National Commercial Bank after selling holdings in two other banks to foreign lenders in 2007 and in early 2008. (Reuters)

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