Bawag PSK, a leading Austrian bank with a subsidiary in Malta, has become the first major European banking group to open up shop in Libya, with a representative office located at the Corinthia Bab Africa hotel in Tripoli.

Bawag plans this to serve as an entry point to the North African market, in close cooperation with Bawag Malta Bank Ltd, its wholly owned subsidiary which opened in Sliema two years ago.

Bawag's chairman and CEO, Johann Zwettler, who led a 25-person Austrian delegation to Tripoli for the opening, said: "We understand that Libya is on the brink of major change, with outstanding plans for transformation. When you consider the country's economic potential, these plans have strong significance.

"It is Bawag's wish to be part of Libya's evolution. We are convinced that, in opening the Tripoli office, we are taking the right step at the right time, and in the right place."

The representative office will be headed by Bashir Ghazla, Bawag's chief representative in Libya. He will be supported by Bashir Hagul, who is based in Malta.

Bawag PSK has more than 30 per cent of the Austrian domestic banking market and is the fourth largest banking group in Austria by total assets.

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