In an end of year goodwill message to shareholders, the Temporary Committee, management and staff, the suspended chairman of Assaray Trade and Investment Bank (ATIB), Naaman Elbouri said the bank has shown its resilience.
ATIB, it will be recalled, one of the leading private banks in Libya, had its board suspended and a temporary one installed by the Central Bank of Libya (CBL) last May. No obvious reason for the suspension was given or has come out in the ensuing six months. This, despite it being one of the most inspected banks in Libya by the CBL. It had passed all inspections.
One of its major shareholders, Husni Bey, suspects the CBL action is political as he is a major open critic of CBL monetary policy. ATIB is challenging its board suspension in court.
Institutional resilience
‘‘Despite all challenges, what emerged from the CBL suspension was a profound demonstration of ATIB’s institutional resilience — a testament to the strength of ATIB management and staff, not being reliant nor depending on specific individuals. ATIB is an institution.’, Elbouri said.
Reflecting on the challenges navigated in 2023 by ATIB following the issuance of decrees by the Governor of the Central Bank of Libya (CBL) to suspend the bank’s board and install a temporary one, Elbouri said ‘‘the unity and solidarity displayed by ATIB’s exceptional management team during the toughest of times have been commendable. This event has undoubtedly made ATIB stronger, fortified by clear goals and the unwavering commitment of an exceptional team.’’
ATIB: A client-centric bank
‘‘In these trying times, ATIB clients remain the paramount focus. It’s essential that ATIB maintain the commitment to being a client-centric bank, catering to their needs with dedication and excellence.’’
ATIB’s digital journey, commenced two years ago, must continue unhindered. The imminent launch of Libya’s first unattended branch within Q1 of 2024 marks a significant milestone. Let us collectively strive to ensure its successful implementation, furthering ATIB’s commitment to innovation and convenience for its clients, Elbouri added.
Court rules ATIB process to raise its capital was legal
‘‘The recent court verdict affirming ATIB raising its capital in 2019 validates our steadfast adherence to compliance and regulation. We remain confident that in the weeks to come, a favourable court verdict/decree will reinstate the board, which we are confident will be respected by CBL Board and Governor.’, concluded Elbouri.
CBL temporarily suspends chairman and directors of ATIB (libyaherald.com)
ATIB thwarts attempt to embezzle LD 3.9 million (libyaherald.com)
Libya’s banking system on verge of collapse: Leading Libyan banker
Libya’s ATIB Assaraya bank to use Temenos cloud platform in its digitalization drive
ATIB introduces biometric KYC as part of its digitalisation process
ATIB bank opens new regional HQ and Benghazi branch
Assaray Trade and Investment Bank to raise capital to LD 100 million
e-payment workshop held in Tripoli in effort to reduce Libya’s need for cash
Assaraya bank chairman and two other bank colleagues released after brief illegal arrest
