December 2, 2010 / 2:08 PM / 9 years ago

Abu Dhabi sells ABC bank stake to Libya

MANAMA (Reuters) - Libya acquired a stake Abu Dhabi’s sovereign wealth held in Bahrain-based Arab Banking Corporation (ABC), bringing its stake in Bahrain’s second largest bank to almost 60 percent, the bank said on Thursday.

The bank said in a regulatory filing that the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds, sold its 17.7 percent stake in ABC to the central bank of Libya for an undisclosed sum.

ABC had assets worth $26 billion on its balance sheet at the end of the third quarter.

Libya is seeking to expand its investments in the Gulf’s financial industry. It also owns a stake in Bahrain-based First Energy Bank.

Gulf Arab banks are also eying entering the Libyan banking industry that is slowly opening up to foreign investors.

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