Joined: 05 Oct 2005
Posts: 315
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Sunday, 7 October, 2007: BNP Paribas has been chosen by Libya to become the strategic partner of Sahara Bank, the first privatized bank in Libya. After obtaining all authorizations required by regulation, BNP Paribas acquired 19% of Sahara Bank’s capital on September 18. This assumption of a shareholder interest is taking place in accordance with the agreement signed on July 25 with the Social Economic Development Fund, and will allow BNP Paribas to increase its holding to 51% of the share capital within three to five years. Consequently, the bank’s general shareholders’ meeting of September 18 elected a new board of directors and appointed Abdullatif Abdulhafiz El Kib as Chairman, Roger Decot, Vice Chairman, Claude Rufin, Chief Executive Officer and Mohammed Bakkal, Deputy Chief Executive Officer. [FM]
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