About Aman Bank
Aman Bank started as a Libyan shareholder company owned by the private Libyan sector. The idea of establishment came out after the Central Bank of Libya has given a permission to establish private commercial banks. Aman Bank was one of the first banks that started operating during that time in accordance with Banking Law no.(1/1993) which was later replaced by Banking Law no.(1/2005), that defines in Article (65) the authorized activities allowed to be performed by any commercial bank in Libya.
Aman Bank for Commerce & Investment was established in 2003 under permit no.(140) issued by the Minister of Finance with an approval from the Central Bank of Libya in accordance with Banking Law no.(1/1993).
Capital and Shareholders
According to the minimum allowed capital to launch a bank, which was 10 million LYD, Aman Bank started working with a paid capital of 3.300.000 LYD in 2003 and initiated activity during the same year. After that the paid capital has developped to 10 million LYD, and increased then by the General Assembly to reach 33,340,000 LYD at the end of 2009.
Aman Bank launched a strategic partnership with Banco Espirito Santo from Portugal, one of the largest banks in Europe, after the Central Bank of Libya's approval to make partnerships with foreign banks. This was done due to the urgent desire of Aman Bank's founders to develop the bank, whether in terms of financial position or expanding its services and competition capabilities. It was an important step in the history of Aman Bank that took place in 15/4/2010 and helped to increase the bank’s capital to 100,020,000 LYD.
Nowadays, Aman Bank is shared by foreign partner with a rate of 40% , and Libyan sharers with 60% ,owned by the Libyan private sector. The Foreign partner is in charge of the executive management of the bank, as stated in the partnership agreement, and is represented in the Board of Directors by four members alongside with three Libyan Board members including the Chairman.
In the last General Assembly meeting dated On the 11th of August, the General Assembly decided to dissociate the partnership and buy the foreign partner's share. Thus, the capital of Aman Bank has increased with an amount of 99.980.000.000 LYD to be 200.000.000 LYD (2 Million Libyan Dinar).It was totally paid by Libyan Sharers, and the management became completely Libyan estimated at 100%.