Sahara Bank

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Sahara Bank
Private
Industry Finance
Founded

1964

location = Tripoli, Libya
Products Financial Services
Website www.saharabank.com.ly

The Sahara Bank (Arabic: مصرف الصحاري‎‎) was established in 1964, designed by Italian Vincenzo Maria Morici. On 22 December 1970, a law was passed that demanded that all the foreign banks shares be nationalized and became completely owned by Libya. The Central Bank of Libya owned 82 per cent share of the company. During July 2007, France's BNP Paribas acquired the bank and started managing the operations. BNP pulled out of the operations of the bank in 2011, following revolutions in Libya.

The bank performs retail and corporate banking operations and its head office is located in Tripoli.

Overview[edit]

The Sahara Bank was established in 1964, designed by Italian Vincenzo Maria Morici. On 22 December 1970, a law was passed that demanded that all the foreign banks shares be nationalized and became completely owned by Libya. The law remained in force till 1933 till when private ownership of banks in the country was not permitted.[citation needed] As of 1991, the principal share holder was Central Bank of Libya with 82 per cent and Libyan Interests with the rest of 18 per cent. The bank had 751 employees in its roles. The head office of the bank was located in Libya's capital, Tripoli.[1] The bank was counted as one of the ten major banks under the control of Central Bank of Libya.[2] In July 2007, France's BNP Paribas acquired 19 per cent share of the Sahara bank. It also became the major shareholder and took over the operations.[citation needed] BNP pulled out of the operations of the bank in 2011, following revolutions in Libya.[3]

Operations[edit]

The bank performs retail and commercial banking operations and also offers international trade centre services. It also facilities mass payments, POS payments, treasury services, car leasing, Islamic Banking and Italian desk services. The bank provides fund transfer services like international transfers and connexis trade services to its corporate clients.[2]

References[edit]

  1. ^ Bricault, G. C. (2012). Major Companies of the Arab World 1991/92. G. C. Bricault. p. 335. ISBN 9789401174800. 
  2. ^ a b "Company overview Sahara Bank". Bloomberg L.P. Retrieved 27 November 2016. 
  3. ^ "Libya’s banks struggle to escape Gaddafi’s shadow". Euro Money. 29 May 2013. Retrieved 27 November 2016. 

External links[edit]