Libyan Foreign Bank

Libyan Foreign Bank (LFB) was established in 1972 in Tripoli, Libya as Libyan Arab Foreign Bank; it was renamed Libyan Foreign Bank in 2005. It was Libya's first offshore banking institution licensed to operate internationally. The Central Bank of Libya owns 100% of LFB. The head office is located in Libya's capital Tripoli. Since 2010, the bank owns 84% of British Arab Commercial Bank, and 68% of Banca UBAE (Est. 1972) in Rome.On 12 March 2011, the Bank of Italy placed Banca UBAE under special administration following the European Council's decision to freeze Libyan banking assets. The intent was to ensure that the bank could continue to operate normally, and in conformity with international policies.