BNP-Paribas puts $56 milllion into Sahara Bank

Reuters, Thursday 30 Dec 2010

French bank contributes to a 146 percent capital increase of its Libyan affiliate

French BNP Paribas is injecting 70 million dinars in a 146 percent capital increase by its Libyan affiliate Sahara Bank, a spokeswoman for the bank said on Wednesday.

"There is a capital increase of 368 million dinars that will raise (Sahara's) capital to 620 million dinars," she said. She was responding to comments from Sahara Bank shareholder Mohamed al-Boussifi to Reuters in Tripoli earlier on Wednesday.

Boussifi said the decision to raise the capital was approved by a shareholder assembly the same day.

"BNP is contributing 19 percent, which reflects our current share ownership in the bank (Sahara)," the BNP Paribas spokeswoman added.

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