Follow this carefully and you see where HSBC benefits both ways: Libyan Foreign Bank said on Monday it planned to raise its capital 10-fold to $10 billion to finance expansion in Europe and Africa and would raise its stake in HSBC affiliate British Arab Commercial Bank.
“Our capital is $1 billion. We hope to get it up to $10 billion, hopefully in the next two to three years,” its chairman, Mohamed Bait-Elmal, told reporters on the sidelines of a banking conference in Dubai.
Bait-Elmal said his bank planned to increase its stake in British Arab Commercial Bank to around 70 percent, reducing HSBC’s stake to about 19 percent.
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