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UniCredit restores full operation in Libya

UniCredit announces that in the last few days it has restored full operation of its Representative Office in Tripoli, Libya, which had reduced its activities due to the war that broke out in this country.

The re-opening of the office, inaugurated in 2009, is a sign of confidence in the future and proof of the return to normality  following the war. UniCredit's presence and activities in Tripoli aims to reinforce the cooperation with the Country in the current reconstruction phase, working closely with the new authorities, also within the framework of the renewed Treaty of Friendship between Italy and Libya, whose validity was recently confirmed by the authorities of the two countries.

The Representative Office in Libya, one of the very few offices of international banks in the country, assists business customers in contracts with Libyan counterparts, directly intervening in the issue and management of Letters of Credit and Comfort Letters, sundry bonds (performance bonds, advance payment bonds, etc.) and the management of related cash flows. Moreover, the office also carried out extensive operations with Libyan government-owned and private companies that have business relations with foreign companies. It also works closely with the diplomatic representative offices of the main European countries where the Group is present, providing them with economic, financial and technical information on current practices in Libya, and receiving from them notices and requests for banking assistance for companies in their respective countries which operate in Libya.


Milan, December 30, 2011



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