VOL. XXXII
NO.34
29-MAY-1989
Financial and Banking News
REGIONAL BANKING
BIA Falters as Shareholders Establish New Bank
The Paris-based Banque Intercontinentale Arabe (BIA), which was establishedas a 50-50 joint venture between Algeria and Libya in 1975, has reported a sharpdrop in profitability which has required an infusion of funds from its twoshareholders, Banque Exterieure d'Algerie and Libyan Arab Foreign Bank.Meanwhile, Algeria and Libya have set up an entirely new joint bank, called the...
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