The Annual Forum for Developing the Banking Sector in Benghazi announced at the conclusion of its second session the establishment of the Private Banks Union in Libya.
A founding committee consisting of three major banks was formed, namely the Bank of Commerce & Development, Assaray Trade and Investment Bank (ATIB), and Alejma’a Alarabi Bank.
Other private banks were invited to join in, according to the Forum’s Facebook page.
The founders consider this step a milestone in the development of the banking sector in Libya and the recovery of the economy and financial institutions and banking.
The Union will work to develop the private banks' operations and guarantee their rights, according to the founders.