LFB will also inject more capital into Rome-based Banca UBAE, in which it holds a 49.9% stake. In addition, it is also planning to open a dedicated unit within the bank to capture local market, and start transactions in local currency-Libyan Dinar, instead of US dollar.
Mohamed Bait-Elmal, Chairman, LFB bank, said: “LFB eyes the increase of its stakes in 35 acquisitions across the world. LFB will increase its stakes in two banks in Paris. We are also making efforts to invest in Brazil because it is a promising market.”
He further added: “we intend to set up a unit inside the bank dedicated to the domestic market and to deal in Libyan dinar because we use US dollars in our operations currently. We seek to reach an adequate capital level to create a bigger enterprise and then achieve a good return.”
The Libyan government is looking abroad for profitable investments after years of Western sanctions.
