Libyan Foreign Bank

Libyan Foreign Bank

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Libyan Foreign Bank

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Description:
The Libyan Arab Foreign Bank (LAFB) was established in 1972 in Tripoli, Libya as the country's first offshore banking institution licensed to operate internationally. The bank is 100% owned by the Central Bank of Libya. The bank owns 26% of British Arab Commercial Bank, which is also an affiliate of HSBC Group.

Operations Overview

LAFB encompasses a variety of services and operators facilitating international trade, money flows for investment and payment, and loans to government and official institutions as well as to the private sectors. Its valum in the international markets is relatively concentrated on services, including insurance and confirmation of letters of credit, creation of acceptance credits, and supply of foreign exchange. In their 2007 ranking of Africa's Top 100 Banks, the magazine African Business placed LAFB at number ten for Africa as a whole and fourth in the North Africa region. They went on to say that the ranking of the Libyan Arab Foreign Bank may actually be understated, given that the most up to date figures available for the bank were two years older than those of many of its North African rivals.

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