Operations
LFB provides services and operations to facilitate international trade, money flows for investment and payment, and loans to government and official institutions as well as to the private sectors. Its international services comprise insurance and confirmation of letters of credit, creation of acceptance credits, and supply of foreign exchange. In its 2007 ranking of Africa's Top 100 Banks, the magazine African Business placed LAFB at number ten for Africa as a whole and fourth in the North Africa region. They went on to say that the ranking of the Libyan Foreign Bank may actually be understated, given that the most up-to-date figures available for the bank were two years older than those of many of its North African rivals. [4] It offers corporate banking services like offering short, medium, syndicate and long-term loans. [1]
Alubaf International Bank is a subsidiary. Its Tunisia branch was named in three rounds of U.S. sanctions. [5]
The economy of Libya depends primarily on revenues from the petroleum sector, which represents over 95% of export earnings and 60% of GDP. These oil revenues and a small population have given Libya one of the highest nominal per capita GDP in Africa.
Tripoli is the capital and largest city of Libya, with a population of about 1.1 million people in 2019. It is located in the northwest of Libya on the edge of the desert, on a point of rocky land projecting into the Mediterranean Sea and forming a bay. It includes the port of Tripoli and the country's largest commercial and manufacturing center. It is also the site of the University of Tripoli. The vast Bab al-Azizia barracks, which includes the former family estate of Muammar Gaddafi, is also located in the city. Colonel Gaddafi largely ruled the country from his residence in this barracks.
The National Bank of Greece is a global banking and financial services company with its headquarters in Athens, Greece.
The dinar is the official currency of Libya. The dinar is divided into 1,000 dirhams (درهم). It is issued by the Central Bank of Libya, which also supervises the banking system and regulates credit.
Mediobanca is an Italian investment bank founded in 1946 at the initiative of Raffaele Mattioli and Enrico Cuccia to facilitate the post-World War II reconstruction of Italian industry. Cuccia led Mediobanca from 1946 to 1982. Today, it is an international banking group with offices in Milan, Frankfurt, London, Madrid, Luxembourg, New York and Paris.
UniCredit S.p.A. is an international banking group headquartered in Milan. It is Italy's only systemically important bank and the world's 34th largest by assets. It was formed through the merger of Credito Italiano and Unicredito in 1998 but has a corporate identity stretching back to its first foundation in 1870 as Banca di Genova. UniCredit is listed on the Milan and Frankfurt stock exchanges, is a constituent stock of the Euro Stoxx 50 index of leading shares.
The Central Bank of Libya (CBL) is the monetary authority in Libya. It has the status of an autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state.
Banque Misr is an Egyptian bank co-founded by industrialist Joseph Aslan Cattaui Pasha and economist Talaat Harb Pasha in 1920. The government of the United Arab Republic nationalized the bank in 1960. The bank has branch offices in all of Egypt's governorates, and currency exchange and work permit offices for foreign workers in Egypt.
The Sahara Bank is a Libyan commercial bank, established in 1964.
The British Arab Commercial Bank PLC (BACB) is an international wholesale bank incorporated in the United Kingdom that is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA). It was founded in 1972 as UBAF Limited, adopted its current name in 1996, and registered as a public limited company in 2009. The bank has clients trading in and out of developing markets in the Middle East and Africa.
The Libyan Investment Authority (LIA) is a government-managed sovereign wealth fund and holding company headquartered in Tripoli, Libya. It was established on August 28, 2006, by Decree 208 of the General People's Committee of Libya (GPC), after the lifting of economic sanctions that had previously precluded foreign investment in Libya. The LIA oversees and manages investments in various areas including agriculture, real estate, infrastructure, oil and gas and in shares and bonds. It is Africa's largest sovereign wealth fund. The fund is a member of the International Forum of Sovereign Wealth Funds and is therefore signed up to the Santiago Principles on best practice in managing sovereign wealth funds. In December 2021 the fund had US$ 67 billion in assets under management.
Italy–Libya relations refers to the bilateral relations between the State of Libya and the Italian Republic. Italy has an embassy in Libya's capital, Tripoli, and a general consulate in Benghazi. Libya has an embassy in Italy's capital, Rome, and two general consulates.
Moussa Muhammad El-Haj Nemr Koussa is a Libyan political figure and diplomat, who held several high-profile positions in the Libyan government, lastly as Minister of Foreign Affairs from March 2009, into the Libyan Civil War, when he resigned his position on 30 March 2011.
Riad Toufic Salameh is the current Governor of Lebanon's central bank, Banque du Liban since April 1993. He was appointed Governor by decree, approved by the Council of Ministers for a renewable term of six years. He was reappointed for four consecutive terms; in 1999, 2005, 2011 and 2017.
The foreign relations of Libya were largely reset at the end of the Libyan Civil War, with the overthrow of Muammar Gaddafi and the Second Libyan Civil War. The current Minister of Foreign Affairs Since 15 March 2021 is Najla Mangoush Although many foreign embassies in Tripoli closed down in 2014 due to the fighting, by the end of 2017 thirty diplomatic missions were reopened in the Libyan capital.
Banking in Tunisia is a service industry comprising 23 domestic banks of which, are three state owned banks.
AbdulMagid AbdulSalam Breish is a prominent Libyan international investment banker.
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