Qatar National Bank (QNB), the Gulf state's largest bank, has acquired a 49 percent stake in Libya's Bank of Commerce and Development as part of the Qatari lender's aggressive expansion strategy.
The Benghazi-based bank approved QNB as a strategic partner, according to a memorandum of understanding signed by the two institutions, a statement from QNB late on Thursday said.
Bank of Commerce and Development, which employs around 820 people, has total assets of $2 billion and a network of 32 branches, the statement said. No other financial details of the transaction was disclosed.
The deal "comes in line with QNB's strategic plan of international expansion in selected and promising markets," QNB Group Chief Executive Officer Ali Shareef Al-Emadi said in the statement.