Libya paves way for more foreign bank investors.Summary: Libya Libya (lĭb`ēə), officially Great Socialist People's Libyan Arab Jamahirya [state of the masses], republic (2005 est. pop. 5,766,000), 679,358 sq mi (1,759,540 sq km), N Africa. has set regulations for its commercial banks to seek "strategic partnerships" with foreign banks, capping at 49 percent the stakes foreign investors can own.
Libya has set regulations for its commercial banks to seek "strategic partnerships" with foreign banks, capping at 49 percent the stakes foreign investors can own. The measures are part of the Libyan central bank's strategy of reforming the country's banking system and improving its competitiveness, the central bank said in a directive sent to the heads of nine local banks. The Tripoli Tripoli, city, Lebanon
Tripoli (trĭp`əlē) or Tarabulus (täräb`l government is struggling to reform the highly centralised Adj. 1. centralised - drawn toward a center or brought under the control of a central authority; "centralized control of emergency relief efforts"; "centralized government"
centralized banking system, which is widely seen as the main obstacle to growth, and to lure lure
the skin-covered object which runs on a monorail on a Greyhound racing track and which the dogs are schooled to chase. The lure must be kept 30 to 40 ft ahead of the leading dog so that the field is stretched out. more private investment outside the oil and gas industry. Reuters Reuters
British cooperative news agency. Founded in 1851 by Paul Julius Reuter, it was initially concerned with commercial news but began to serve a growing newspaper clientele after the London Morning Advertiser subscribed in 1858. obtained the text of the central bank order on Friday. "The order number 19 requires of the banks which intend to seek foreign banks as strategic partners to abide by To stand to; to adhere; to maintain.
See also: Abide the conditions the strategic partner must meet and the limits of its participation in the capitals of the local banks," it said. "The proportion of the participation of the foreign bank in the capital of a local bank should not exceed 49 percent ... The participation of the foreign partner should increase the capital of the local bank by at least 70 million dinars ($55 million)," it added. The central bank also said any partnership agreement between a local bank and its foreign investor should provide for at least 90 percent of the venture's employees to be Libyan nationals. The central bank named the nine commercial banks to which the foreign investment order was addressed as Commercial and Development Bank, Trade and Investment Amen Bank, Arab Ijmaa Bank, Moutawassat Bank, Wafa Bank Wafa Bank is a defunct private bank in Morocco. A fusion with Banque Commerciale du Maroc gave birth to Attijariwafa Bank. History
denationalisation, denationalization, privatization
social control - control exerted (actively or passively) by group action . In March the central bank had said the government was planning to float at least 15 percent of Al Joumhouriya Bank on the local stock market and aims to grant licences for foreign lenders to enter Libya next year. Joumhouriya (Republic), Libya's biggest state-owned bank by assets, has capital of more than 1 billion dinars after merging with another bank, Al Oumma (Nation) Bank. Government officials have said they plan to give licences for foreign banks to launch operations next year, either alone or in partnership with Libyan investors.
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