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Abu Dhabi sells ABC bank stake to Libya

Abu Dhabi, December 2, 2010

Libya acquired a stake Abu Dhabi's sovereign wealth held in Bahrain-based Arab Banking Corporation (ABC), bringing its stake in Bahrain's second largest bank to almost 60 percent, the bank said.

The bank said in a regulatory filing that the Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds, sold its 17.7 percent stake in ABC to the central bank of Libya for an undisclosed sum.

ABC had assets worth $26 billion on its balance sheet at the end of the third quarter.

Libya is seeking to expand its investments in the Gulf's financial industry. It also owns a stake in Bahrain-based First Energy Bank.   

Gulf banks are also eyeing entering the Libyan banking industry that is slowly opening up to foreign investors. - Reuters




Tags: Bahrain | abu dhabi | ABC | Liby |

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