Rebel victory in Libya puts Banco ABC in the spotlight

Monday, September 5, 2011

The victory of the rebels in Libya has put the Brazilian subsidiary of the Arab Banking Corporation (ABC) in the spotlight.

Libya's central bank controls 59% of ABC, which in turn owns 57% of Banco ABC Brasil, according to a report by Brazilian news agency Agência Estado.

Brazilian central bank BCB does not, however, expect any direct impact on the local banking unit's operations if assets of Libya's central bank are frozen, the report said.

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São Paulo-based ABC Brasil mainly focuses on lending to corporations and midsize firms.