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BNP Paribas SA Buys 19 % of Sahara Bank

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© ADVANTAGE AUSTRIA

1. August 2007

 BNP Paribas was selected as the strategic partner of Sahara Bank by the Central Bank of Libya recently.The group thus becomes the first foreign bank to develop full service banking activities in Libya, in accordance with BNP Paribas' strategy of becoming one of the top tier financial groups in the Mediterranean Basin. 

  Sahara bank is a full service bank with 1500 employees and a market share of 17 % in loans and 22 % in deposits.This privatization transaction is part of the central Bank of Libya's restructuring program for the Libyan banking industry. Implementation of this program is already underway with measures including the liberalization of regulations on banking activities, the modernization of payment systems and the creation of a credit bureau.

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