British Arab Commercial Bank

The bank was founded in 1972 as UBAF Limited and changed its name to UBAF Bank Limited in 1977. It began as an affiliate of Midland Bank, and became an affiliate of HSBC when HSBC took over Midland Bank in 1992. The bank adopted the name British Arab Commercial Bank in 1996.

In 2009, Commercial Bank of Egypt sold its 8% stake. At the time, the other shareholders were HSBC (49%), Libyan Foreign Bank (26%), Bank Al-Maghrib (8%), and Banque Extérieure d’Algérie (8%). Banque Centrale Populaire eventually bought out Bank Al-Maghrib and thus gained a stake in BACB.

In 2010, HSBC sold its 49% shareholding to the Libyan Foreign Bank ("LFB"), a subsidiary of the Central Bank of Libya ("CBL"). Its share is 87.80%, with the other shareholders being Banque Centrale Populaire (6.10%), and Banque Extérieure d’Algérie (6.10%).[4] On 2 June 2009, the Bank changed its corporate status from that of a private to a public company.

In 2016, the bank opened a new representative office in Abidjan, to add to its existing representative offices in Algiers, and in Tripoli.[5][6]

BACB aims to facilitate cross-border trade through a sustainable revenue base with its chosen clients and markets. The bank is known for dealing with markets with which larger banks are often hesitant to do business, such as Middle Eastern and North African markets. The bank serves the rest of the African continent through relationships with a number of financial institutions and correspondent banks, particularly in Nigeria and Ghana.

Most notably, the bank works with Saf Cacao in Cote D'Ivoire, and Casablanca-based steel company Acier Longofer in Morocco, becoming the first commercial bank to fund the latter.[7]

While the majority of the bank's clients are African and Middle Eastern companies and institutions, working with them brings it into regular contact with European exporters and importers. The bank also has sister banks in European countries, including Spain, Italy and France.