HSBC closed its Tripoli office in February. With the end of hostilities and the rapidly normalising situation on the ground, the bank said it is able to re-open for business. HSBC's representative office was first established in 2006, although the bank's presence in Libya goes back almost 60 years, having opened its first branch in Tripoli in 1952.
The primary purpose of the representative office in Libya consists of providing advice, assistance and services to domestic Libyan institutions and to multinational clients with business interests in Libya, and in providing financial advice on project, infrastructure and trade finance. "This is a significant development, and we are delighted to reopen our doors in Tripoli," said Timothy Gray, CEO of HSBC Libya. "We look forward to playing our part in working with the new authorities and helping to return Libya to stability and growth."
(Source: CPI Financial)
