Libyan Arab Foreign Bank
Encyclopedia
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.
s, 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.
Tripoli
Tripoli is the capital and largest city in Libya. It is also known as Western Tripoli , to distinguish it from Tripoli, Lebanon. It is affectionately called The Mermaid of the Mediterranean , describing its turquoise waters and its whitewashed buildings. Tripoli is a Greek name that means "Three...
, Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
as the country's first offshore banking institution licensed to operate internationally. The bank is 100% owned by the Central Bank of Libya
Central Bank of Libya
The Central Bank of Libya is the monetary authority in Libya and enjoys the status of autonomous corporate body. The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya , and to promote the sustained growth of the economy in...
. The bank owns 26% of British Arab Commercial Bank
British Arab Commercial Bank
The British Arab Commercial Bank Limited , based in London, England, is a wholesale banking institution providing trade and project finance for Arab markets. The bank’s largest single shareholder at 49% is HSBC Bank Middle East, a member of the HSBC Group...
, 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 creditAcceptance credit
An acceptance credit is a type of letter of credit that is paid by a time draft authorizing payment on or after a specific date, if the terms of the letter of credit have been complied with. There are two types of acceptance credit, confirmed and unconfirmed...
s, 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.