An extraordinary general meeting (EGM) of Qatari bank Masraf Al Rayan has approved a plan to acquire a shareholding in a Libyan commercial bank, the North Africa Post reports.
The meeting also empowered the board of directors to take decisions concerning urgent business and company acquisitions up to a total cost of QR1bn for two years from the date of this approval.
The bank, Qatar’s largest Islamic lender by market value, has not named the Libyan target bank, but it is understood to be planning to convert it into an Islamic bank.
Qatari and Libyan authorities would need to approve the plan in advance of any deal.
(Source: Libya Herald)