Libya to open banks to foreign investors

DEAD SEA — The son of Libyan leader Muammar Gaddafi said yesterday Libya would partly privatise five banks over the next six months and let foreign banks hold up to 50 per cent.

By (Reuters)

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Published: Sat 21 May 2005, 10:30 AM

Last updated: Thu 2 Apr 2015, 5:10 PM

Seif Al Islam Gaddafi also said that foreign banks would soon be allowed to set up retail operations in Libya.

“We will allow foreign banks to buy shares in the Libyan banks through the privatisation process,” Gaddafi told Reuters on the sidelines of a World Economic Forum regional meeting in Jordan.

“They can participate and be a minority shareholder, but they have a say on the management,” he added.

Gaddafi said that Libya would allow foreign banks to buy shares in two of the banks this month.

It would allow them to buy shares in the remaining three banks in the next six months. He did not name the banks involved.

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