The results of privatization of financial sector companies – case study Sahara bank from Libya

By: Abu baker Arabia

Ben Walid University - Faculty of Economy

Issue: Vol 23 |First Issue | 2021

article language: English

Abstract:

The purpose of this paper is to evaluate the privatization process from both international and local perspectives, the problems and difficulties faced by the Libyan economy, especially financial institutions, and the main reasons and justifications that led to the reluctance or delay in adopting such policies and procedures. Due to the lack of development in financial markets and changes in financial control systems, the economy largely depends on governmental funding sources. Additionally, all the effects of privatization policies were studied. In this paper, we also analyzed data from one of the largest commercial banks in Libya, Sahara Bank, by reviewing and studying key financial statements. It is known that Sahara Bank was purchased by the French BNP Paribas Bank. Finally, the results of the privatization process and its positive effects on employees and the economy as a whole were evaluated.