He Aresbank Libyan capital bank have new plans for Spain and have signed on former head of NatWest in the country to bring them forward. After 19 years in the British entity, Javier Sierra just got approval from Banco de España to take direction and the intention is to accelerate the growth of the group.

Sierra replaced Luis Casado as General Manager and CEObut that’s not the only change. Mohamad Alrahebi he was to become deputy director-general, through whom the entire leadership was renewed, in a move that took place in April but has now received approval from the Bank of Spain.

“Aresbank has a clear and unique business model, strong support from its shareholders, and a team full of great professionals with extensive experience,” said its new manager. «With my appointment and that of Alrahebi, Aresbank finalized its general direction, which will facilitate the entity meet the ambitious development plans set by the board of directors“, Adds.

This group is one of the oldest foreign banks in Spain. It was founded in 1975 and then the Libyan state owned only 30%. Banesto, Banco Bilbao, Central, Hispano Americano or Popular they are part of a holding where ICOs are also present, as is the case with Banco Exterior de España.

Capital

Not like that. Aresbank now a property to 99.85% of the Libyan Foreign Bank and its main objective is to enhance economic cooperation between Spain and Arab countries by financing foreign trade, promoting investment and raising funds in Arab and international markets.

40% of your business comes from foreign trade financingwhile the other 40% comes from loans to its clients and the remaining 20%, from treasury management generated by oil and gas activities in Libya.

This model has provided Aresbank with steady, repeatable results in recent years, but Sierra wants to go a step further. Your intention is grow in volume in its traditional activities and explore additional business options, he said. In addition, the search for greater efficiency, though not by cutting costs, but by a new management model that makes it possible to gain profitability with existing resources.

Its biggest competition is the other banks owned by the Libyan Foreign Bank in Europe. Owner of more than 40 financial entities in 23 countriesAresbank’s main shareholder also has a position in France, Italy and Englandso Sierra’s goal is to offer better and more competitive services so that European companies wishing to do business in Libya choose Spanish banks over other investees.

Risk management

Other European banks and companies are showing caution in dealing with Libya’s direct risk-taking and this is an advantage for Aresbank, whose knowledge of the country and its corporate structure allows it to take this situation and act as a bridge between one another. At the same time, the company seizes opportunities to put itself in the hands of banks overseen by Spanish regulators to do business in Middle East and North Africa (MENA) countries.

“Our goal is to be referral financial partner for any Spanish or European company which are already working, or are thinking about doing so, with the MENA area and, through the Libyan Foreign Bank network of 44 banks in 23 countries, we can also offer support in sub-Saharan Africa,” said Sierra.

Executives have leveraged NatWest’s withdrawal from Spain and Italy to make the jump. The UK entity has decided to close its offices in those countries and centralizing management of southern Europe from Paris, so Aresbank has used Sierra’s 30 years of experience at NatWest, ING, and BBVA to drive its projects.

“I see this position as a unique opportunity to complement my knowledge of investment banking and team management with foreign trade financing, especially with the MENA area,” he said.