BNP Paribas, Sahara Bank to develop cooperation in Libya

BNP Paribas has been chosen by the Libyan authorities 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.

Within the framework of this partnership, BNP Paribas will share its knowledge in the areas of retail banking, project finance, and international trade finance; it will contribute to the modernization of support functions, including information

technology, risk management, and organization; and it will participate in the professional training of Sahara Bank employees.

Sahara Bank will now accelerate its development and seize the new opportunities offered by the Libyan economy’s rapid growth and the opening of its markets to international operators. For its part, BNP Paribas has a unique platform in the Mediterranean basin, one of its priority growth regions.

Sahara Bank (www.saharabank.com.ly) is a Libyan universal commercial bank with 1,500 employees and the largest bank’s capital in Libya. It holds a market share of 17% for loans and 22% for deposits. Its customers, whom it serves through a network of 48 agencies, include large national companies, private enterprises, both Libyan and foreign, and over 300,000 private or professional clients.