In the framework of implementing the strategy adopted by Central Bank of Libya to restructure, develop and update the Libyan banking sector in order to improve the banking services at the local and international level, and according to the conclusions of the general meetings of both Umma & Jumhuria Banks concerning the amalgamation in a combined banking unit, based on the decision of the board of directors of Central Bank of Libya No.74 -2007 to approve this, and the Central Bank of Libya decision No. 8-2008 to consider that as cases mentioned in the article 62 of the law of the banks, the decision of amalgamation has been issued in a combined bank under the name of Jumhuria bank.
Its works as a huge banking entity started at the beginning of the second quarter of 2008 with a budget of 11 billion dinars and 146 branches & Agencies, (5,807) employees, which contributed directly to provide funding to the small & medium projects for both public and privet sectors and to widen the funding of the international trade to encourage the Import & Export.
It is one of the biggest Libyan banks, since make a huge contribution in the banking activity and will rank among the top ten bank in the middle East & North Africa region, all its activities will be in compliance with the Libyan commercial law and the approved regulations of its articles of association and the laws governing the works of the Libyan banks, supervised by the Central Bank of Libya.
The shares of the bank had been put for the public subscription to widen the ownership base and to encourage the individuals to get the normal shares in the Capital of the bank which had contributed to deal in the shares of the bank at the Libyan stock market, whereby the capital has raised to 1 billion Libyan Dinars.
The bank uses its Articles of association as a framework in all its operations for attracting and making fund available, in addition to the Central Bank of Libya directives to present the necessary funding for the development projects, shared by the bank, the headquarters of the General Administration of the bank is located in Tripoli, its branches are widespread in the country and present the best & modern banking services to all dealer in different areas of Libya.
Jumhuria bank seeks to provide services to all the shareholders, especially the existing and the prospective customers enabling them to get the developed products & services with quality thus increasing their satisfaction through the facilitation of the procedures and the dealing of a wide network of branches locally, from another hand, the administration of the bank acts on the training of the manpower to improve the performance level, to cope with the latest development in the banking industry, to ensure the attainment of good levels of scientific & practical awareness, being capable to match the technological requirements era, through the continuous training locally & abroad.
The bank offers a set of banking services, among them are:
- Opening of current accounts, deposit & saving accounts and the acceptance of all the available funding.
- Opening of the documentary credits, accept foreign documents for collection to encourage the international trade operations.
- Issuance of the local & foreign letters of Guarantees.
- Foreign Transfer operations for nationals & non-residents.
- Issuance of the ATM cards.
- Offering of real estate, commercial and social loans and granting credit facilities to all categories of customers
- Contribution in funding the real estate & investment projects.
- Hiring of safe boxes.
- Selling & purchasing foreign currency.
- Providing technical & financial studies & consultancies.
The bank endeavor to develop same of the traditional services to become electronic, since a number of banking services have to be provided in an electronic form, whereby, a large number of ATMs had been operated, and a launch of the service of the points of sale, SMS service through mobile sets and the money transfer through the Western Union network.