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Turkey ceases Libyan Foreign Bank shares

AP, Monday 4 Jul 2011

Banking watchdog takes over Libya's majority stakeholder role in Turkish-Arab bank after foreign minister officially recognises rebel leaders

Turkey's banking watchdog says it is taking over Libyan Foreign Bank's 62 per cent shareholding in Turkey's Arap Turk Bankasi A.S.

The watchdog said Monday's move was temporary and would last as long as UN Security Council decisions for the freezing of Libya's foreign assets were in place.

The takeover comes a day after Turkey's foreign minister visited the Libyan rebel's stronghold of Benghazi and said Turkey was recognising the rebel leaders as the country's legitimate representatives.

The watchdog also said all Libyan Foreign Bank representatives were removed from the Arap Turk Bank's board of directors.

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