The story
Origins
The bank was founded in 1972 as UBAF Limited and changed its name to UBAF Bank Limited in 1977. It began as an affiliate of Midland Bank, and became an affiliate of HSBC when HSBC took over Midland Bank in 1992. The bank adopted the name British Arab Commercial Bank in 1996.
Since 2009
In 2009, Commercial Bank of Egypt sold its 8% stake. At the time, the other shareholders were HSBC (49%), Libyan Foreign Bank (26%), Bank Al-Maghrib (8%), and Banque Extérieure d’Algérie (8%). Banque Centrale Populaire eventually bought out Bank Al-Maghrib and thus gained a stake in BACB.
In 2010, HSBC sold its 49% shareholding to the Libyan Foreign Bank ("LFB"), a subsidiary of the Central Bank of Libya ("CBL"). Its share is 87.80%, with the other shareholders being Banque Centrale Populaire (6.10%), and Banque Extérieure d’Algérie (6.10%). On 2 June 2009, the Bank changed its corporate status from that of a private to a public company.
In 2016, the bank opened a new representative office in Abidjan, to add to its existing representative offices in Algiers, and in Tripoli.
From Wikipedia’s article on British Arab Commercial Bank, shared under CC BY-SA 4.0.4