Arab Bank CEO Plans Return to Libya After Uprising Forces Exit

Arab Bank Plc., Jordan’s largest lender, is looking to regain access to its Al Wahda bank unit in Libya after it exited the country after last year's uprising.

“As a result of the events which took place in Libya, we have not been involved in the management of Al Wahda bank since early 2011,” Arab Bank Chairman Sabih Al Masri.

The bank is also studying a possible return to Iraq after the nationalization of its branches in 1964, Al Masri said.

Amman-based Arab Bank owns 19 percent of Al Wahda, with more than 70 branches across Libya, and has the right to increase that stake to 51 percent, Al Masri said. He took over management of Arab bank on Aug. 26 after former chairman Abdul Hamid Shoman resigned because of differences with the board.

(Source: Bloomberg)

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