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Wed 28 Dec 2011 12:44 PM

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Bahraini lender adds Libya cenbank head as chairman

Central Bank of Libya holds near-60% stake in Manama-based Arab Banking Corporation

Bahraini lender adds Libya cenbank head as chairman
The bank has operations in Egypt, Lebanon, Jordan, Libya, Tunisia and Algeria

Arab Banking Corporation (ABC) has appointed the new governor of Libya's central bank as its chairman, the Bahrain-based lender said on Wednesday.

Saddek Omar Elkaber, who took the helm at the Libyan central in October, was previously deputy chief executive at ABC's British unit, ABC International Bank.

ABC is majority owned by the Central Bank of Libya, which holds a near-60 percent stake, and Kuwait Investment Authority. It also appointed Khaled Kagigi and Sami Rais as new directors.

The bank has operations in Egypt, Lebanon, Jordan, Libya, Tunisia and Algeria with consolidated assets of $25.7bn.

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