Financial and Banking News


LAFB Buys Out Tamoil 

The Libyan Arab Foreign Bank (LAFB) has purchased a 70% controlling stake in the troubled Tamoil Italia SPA, which has some 900 petrol stations, mainly in Northern Italy, and a 100,000 b/d refinery in Cremona. The remaining 30% has been purchased by a group of Italian investors led by Mr. Florio Florini, an ex-finance director of the state-owned oil and gas agency Ente Nazionale Idrocarburi (ENI). The terms of...