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Arab Banking Corp Buys Stake in MeditBank - ASHARQ AL-AWSAT English Archive
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TRIPOLI,(Reuters) – Libya-based Mediterranean Bank said on Tuesday it had sold a 49 percent stake in itself to Bahrain-based Arab Banking Corp for 74 million dinars ($59 million).

Mediterranean Bank said it had signed the deal on Dec. 12 after raising its capital to around 94 million dinars. It did not give a figure on the scale of the capital increase.

The deal allows Arab Banking Corp to boost its existing presence in Algeria, Egypt and Tunisia with the addition of the North African country that has the highest GDP per capita.

A source at the bank said the agreement allowed Arab Banking Corp to manage the Libyan lender on a daily basis and have the right to appoint three directors out of a total seven.

In 1988, Arab Banking Corp opened a representative office in Tripoli. Libya’s central bank is among Arab Banking Corp’s biggest shareholders.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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