19 July 2007 - Gide Loyrette Nouel advises BNP Paribas in connection with the privatisation of Sahara Bank:

Gide Loyrette Nouel (Paris and Tunis Offices) advised BNP Paribas in connection with the privatisation of Sahara Bank. On 18 July 2007, the Libyan Central Bank selected BNP Paribas as the strategic partner of Sahara Bank following a competitive tendering procedure. 
 
According to the terms of this agreement with the Libyan Central Bank and SEDF, a Libyan State investment fund, BNP Paribas will acquire 19 % of the capital of Sahara Bank (for a consideration of 145 million euros, valuing the company at 763 million euros) and will immediately take over operational control. BNP Paribas will have an option to purchase additional shares over the next three to five years to increase its stake to 51%. The conditions for the purchase of the additional 32% have already been established.

Sahara Bank has a network of 48 branches, with a market share of 17% in loans and 22% in deposits. It has a staff of 1,500 employees and more than 300,000 individual and professional customers. This transaction represents the first bank privatisation in Libya. It will also be the first share block sale on the Tripoli Stock Exchange.

Legal counsel acting for BNPP :
Gide Loyrette Nouel (Serge Tatar, Jean-Gabriel Flandrois and Edgard Nguyen) 
 
Legal counsel for the Libyan Central Bank and SEDF:        
Baker & McKenzie (Bernd Ratzke and Richard Essex)