Libya’s central bank has been looking for a strategic partner to take a 19% stake in Wahda Bank, with the possibility of that stake eventually increasing to 51%.
Libya’s central bank has valued Wahda’s assets at around E1.7 billion. The shortlist of potential investors also included Arab Banking Corporation, Attijariwafa Bank, and Italian bank Intesa Sanpaolo.
Improved relations with Western governments and Libya’s oil and gas reserves have already attracted overseas investors. In 2007, BNP Paribas, France’s biggest listed bank, bought a 19% stake in Libya’s Sahara Bank.
