UniCredit to open banking unit in Libya

Milan: UniCredit, Italy's biggest lender, received a banking licence in Libya as the country with Africa's largest crude oil reserves moves to cut back the government's role in the economy.

The Central Bank of Libya gave UniCredit preliminary approval to open a subsidiary in the country, it said in an e-mailed statement yesterday. Only one licence was awarded following a review of applications, according to the statement.

UniCredit has the Libyan central bank among its biggest shareholders.