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Article: BNP Paribas wins race for stake in Sahara Bank.(LIBYA)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- July 20, 2007
CopyrightCOPYRIGHT 2007 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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France's BNP Paribas has been selected as the strategic partner for the state-owned Sahara Bank, making it the first foreign bank to establish full-service banking activities in the country.
The Central Bank of Libya announced the decision after bidders submitted their revised financial bids on 17 July.
Offers were also received from France's Societe Generale and Bahrain's Arab Banking Corporation. BNP offered Eur 145 million ($200 million) for a 19 per cent stake in the bank, valuing it at 3.6 times its book value.
Following the signing of an official agreement on 25 July, BNP Paribas will take operational control of the ...