United Bank for Commerce & Investment has been founded in 2007 as a result of merging three private banks; Ajeelat Ahli Bank, Zwara Ahli Bank, and Sahl Al-jfara Ahli Bank. During the early part of 2010, the bank investors made a strategic partnership agreement with the Ahli United Bank Group head quartered in the Kingdom of Bahrain. The capital was divided as 60% for the Libyan investors and 40% for the Ahli United Bank Group which have resulted in an increase in capital from 33 million Libyan Dinar to 80 million Libyan Dinar. As per the strategic partnership, Ahli United Bank Group is responsible for the technical and administration of the bank including technical services to develop activities and services for United Bank for Commerce & Investment for the upcoming10 years.
About the Strategic Partner
Ahli United Bank B.S.C. ("AUB" or the "Bank") was established in Bahrain on 31 May 2000 following a merger between the United Bank of Kuwait PLC ("UBK") and Al-Ahli Commercial Bank B.S.C. ("ACB") pursuant to which UBK and ACB each became wholly owned subsidiaries of AUB. The Bank operates under a retail banking license issued by the Central Bank of Bahrain ("CBB").
In addition to the Group's wholly owned operations of AUB (Bahrain) and AUB (United Kingdom), AUB Group has an 85.1% stake in AUB (Egypt), a 74.9% stake in AUB (Kuwait), 59.7% stake in Commercial Bank of Iraq, 40% stake in United Bank of Commerce & Investment (Libya), 35% stake in Ahli Bank (Oman) and 33.3% stake in Ahli Bank (Qatar). AUB also has a 50% stake in Legal & General Gulf, an insurance joint venture with UK-based Legal & General.