Libya Selling Off BNP Paribas, Societe Generale

Bloomberg reports that Libya’s Economic and Social Development Fund is withdrawing investments from French banks including BNP Paribas and Societe Generale (SocGen) as it shifts attention to its home market.

At a conference in Dubai today, fund chairman Mahmoud Badi said the state-held fund, which has $12 billion in assets, had about $10 billion invested outside Libya.

The capital was "mainly with" Societe Generale and BNP, Badi said. "But right now most of these portfolios are liquidating and we are rethinking our investment outside because there are ample chances to invest inside."

(Source: Bloomberg)

No comments yet.

Leave a Reply