Deadline set for sale of Wahda Bank

Prequalified banks have been given until 29 January to submit their offers for a 19 per cent stake in Libya's Wahda bank.

The Central Bank of Libya together with Rothschild, the financial adviser on the sale, will evaluate the banks' technical offers first.

Financial offers will be opened one week later and an award will be made to the bidder offering the best price.

Arab Bank, Arab Banking Corporation, Societe Generale, Intesa Sanpaolo and Al Tijari Wafa Bank were prequalified in November. The successful bidder will take management control of the bank and be allowed to increase its share to 51 per cent within three to five years (MEED 3:12:07).

The Wahda Bank privatisation follows the successful sale of a 19 per cent stake in Sahara Bank to BNP Paribas in July 2007.