Arab Bank wants to restore its presence in Libya

Arab Bank wants to restore its presence in post-Gaddafi Libya

Arab Bank, Jordan's largest lender, is seeking to regain access to its Al Wahda bank unit in Libya after last year's uprising forced it to exit the country.

"As a result of the events which took place in Libya, we have not been involved in the management of Al Wahda bank since early 2011," Arab Bank Chairman Sabih Al Masri wrote in an e- mailed response to questions to Bloomberg on September 6.

"We hope to be in a position to discuss with the new authorities in Libya how we might reengage our presence in the country."

Amman-based Arab Bank owns 19 per cent of Al Wahda, with more than 70 branches across Libya, and has the right to increase that stake to 51 per cent, Al Masri said.