Under the leadership of the new management appointed by the Central Bank of Libya, the following objectives were achieved after an audit within a period of just nine months: 1. Recovering and collecting debts amounting to 800 million Libyan dinars. 2. Achieving profits exceeding 50 million Libyan dinars. 3. Reviewing the financial statements. 4. Enhancing accountability and transparency. 5. Implementing a strict internal control system. 6. Fulfilling certain obligations to third parties. 7. Implementing compliance with international regulatory and compliance requirements. 8. Innovating digital products and launching electronic financial solutions. 9. Improving the bank’s reputation in the Libyan market. The strategic plan to change the name of the National Union Bank from Al-Ejmaa Al-Arabi Bank, the significant increase in the bank’s capital, debt recovery through real estate assets, rebuilding a strong internal control system, and enhancing transparency and legal accountability paved the way for the bank to achieve successful growth and stability.
National Union Bank was established in 2024, changing its name from ” Al-Ejmaa Al-Arabi Bank,” which was established in 2003. It officially commenced operations in March 2024, offering a wide range of banking services. Over time, the bank faced a stifling financial crisis due to corruption cases that affected its financial stability, leading to extensive investigations and the imprisonment of former officials.
On February 25, 2024, the Ordinary and Extraordinary General Assembly was held, during which the bank’s name was changed to “National Union Bank” after obtaining the approval of the Central Bank of Libya. This change came as part of restructuring and performance improvement efforts, as the bank aims to provide integrated banking services that meet customer needs.
Therefore, National Union Bank seeks to restore confidence in the banking sector by providing innovative and secure services and enhancing transparency and integrity in all its dealings. The bank also aspires to contribute effectively to sustainable economic development in Libya by supporting local projects and investments.
Bank of Africa 4.0 Awards – recognizes and honors NUB’s contribution and strategic development, and believes in the success of its future development endeavors.