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Thu 2 Dec 2010 06:35 PM

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Abu Dhabi sells ABC bank stake to Libya

North African state bought a 17.7% stake in the Bahrain based bank for undisclosed sum

Abu Dhabi sells ABC bank stake to Libya
BANK STAKE: Libya has bought a 17.7% stake in Bahrain based Arab Banking Corp from ADIA

Libya acquired a stake in Abu Dhabi's sovereign wealth held, Bahrain-based Arab
Banking Corporation(ABC), bringing its stake in Bahrain's
second largest bank to almost 60 percent, the bank said on Thursday.

The bank said in a regulatory filing that the Abu Dhabi Investment Authority
(ADIA), one of the world's largest sovereign wealth funds, sold its 17.7 percent
stake in ABC to the central bank of Libya for an undisclosed sum.

ABC had assets worth $26bn on its balance sheet at the end of the third
quarter.

Libya is seeking to expand its investments in the Gulf's financial industry.
It also owns a stake in Bahrain-based First Energy Bank.

Gulf Arab banks are also eying entering the Libyan banking industry that is
slowly opening up to foreign investors.

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