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FINANCIAL NEWS
Libya offers licenses for foreign banks
16 Feb 2010
(MENAFN) The Central Bank of Libya said that invited foreign banks to submit applications to set up subsidiaries in the country as the former pariah state continues to open up its economy to the outside world, Reuters reported.
The central bank would issue two licenses to foreign banks who would have an ownership of up to 49 percent in the new banks with full management control, it said. The remaining 51 percent would be owned by domestic investors.
Banks wanting to apply for a license must have a tier 1 capital of more than $2 billion and a credit rating of at least Baa2 by Moody’s Investors Service or BBB by Standard & Poor’s Financial Services or Fitch Ratings.
Libya, once shunned by much of the international community, is in the process of opening up its economy. The country’s sovereign wealth fund, the Libyan Investment Authority, is quietly building a portfolio of international assets.
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