By Libya Herald staff.
Benghazi, 24 September 2014:
Qatari’s Masraf Al-Rayan . . .[restrict]has said that it suspending plans to acquire a commercial bank in Libya because of the political situation in the country.
A statement yesterday from its Board of Directors said that they had agreed to put “on hold all steps or arrangements concerning acquisition of a stake in a bank in Libya until further notice, or till positive indications in the field of investment in Libya are evidenced.”
Masraf Al-Rayan, Qatar’s second largest Islamic bank, announced its plans to move into Libya in February last year and two months later said it was carrying out due diligence on its planned acquisition. It has, however, remained constantly tight-lipped about which bank it was planning to buy although, according to reports in Qatar, it was preparing to spend over $250 million on the deal. [/restrict]
