Libya’s 25 per cent share in the Arab Banking Corporation (ABC), the Bahrain-based international offshore bank, has been put in trust under the supervision of the government of Bahrain.

Reports of the decision emerged following an ABC board of directors meeting in Bahrain earlier in the summer which again failed to make a decision about a replacement for Abdulla Saudi, who resigned as president of the bank in February (MEED 18:3:94).

ABC had declined to comment on the reports of the Libyan shareholding move as MEED went to press. No comment was available from the government of Bahrain.