Libyan authorities set to take control of A&T Bank

ISTANBUL - Anatolia News Agency

A Istanbul headquarters of Arab Turkish Bank is seen in this file photo. An Arab professional will take the top post at the bank after a general assembly due tomorrow. Hürriyet photo

The 62.37 percent stake in Arab Turkish Bank (A&T Bank) that Turkey’s Savings and Insurance Fund (TMSF) took over from Libya’s Foreign Bank in July 2011 will be returned to Libya following the bank’s 34th general assembly, which is slated to take place on March 15, according to a decision made by Turkey’s Banking Regulation and Supervision Agency (BDDK).

The TMSF had appointed Osman Arslan as the bank’s general manager until March 15, after which he will be replaced by Sadek K.S. Abu Hallala.

Facilitates bilateral trade
A&T Bank was established in 1977 with the aim of facilitating trade between Turkey, the Middle East and North Africa. The owner Libya’s Foreign Bank was controlled by the country’s former leader Moammar Gadhafi. A&T Bank has six branches in Turkey with 254 employees. Its 2011 net profits amounted to 48.1 million Turkish Liras.

In January 2011, Turkey’s Economy Minister Zafer Çağlayan had said that A&T Bank will play a crucial role in Libya’s development. Çağlayan also predicted that the bank’s paid-in capital would increase from 240 million liras to 690 million liras, and that later it would be necessary to increase this number to one billion liras.