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Unprecedented Financial Results Achieved by the Libyan Foreign Bank

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Through the combined efforts of everyone and the adoption of a comprehensive strategic transformation plan launched at the Libyan Foreign Bank three years ago in collaboration with major international consultancy firms, including Deloitte, Ernst & Young, and Curtis, we have started to achieve our set goals. 
 
 
We realized net profits of $804 million in 2022 and 2023, an unprecedented profit level in the history of the Libyan Foreign Bank. This achievement would not have been possible without the concerted efforts of the bank’s employees and our strategic partners. The exceptional profit rate can be attributed to several factors, notably:
  1. The regular flow of oil revenues due to the efforts of the National Oil Corporation, our strategic partner.
  2. Profits from some of the bank’s foreign investments.
  3. Improved performance of the bank’s investment portfolio.
When we took over the bank three years ago, it was burdened with a legacy of accumulated problems, primarily the historical losses in the bank’s investment portfolio, which exceeded $1 billion due to investments in non-listed bonds and deviations from the investment policy, as well as weak oversight and communication with the bank’s foreign investments, the lack of preparation of consolidated financial statements according to IFRS standards, and the underperformance of the three lines of defense (audit, risk, compliance) and the absence of a governance and transparency approach in the bank’s performance.
 
Over the past three years, we have focused on enforcing a comprehensive strategic transformation by partnering with leading international consultancy firms. Together, we conducted a bold assessment of the bank’s reality, analyzed gaps and shortcomings, identified strategic priorities, and adopted a project management approach to achieve our goals. The transformation covered two main axes: addressing the previous legacy and improving investment performance.
 
The efforts of the Attorney General and members of the prosecution played a pivotal role in the transformation by overseeing an international forensic audit of the bank’s investment portfolio, which revealed the flawed investment practices that led to past losses. We drew lessons from this to improve our portfolio and recover some of the losses.
 
We have ensured the implementation of a governance approach within the bank, with the Board of Directors operating through specialized committees, including Risk, Audit, IT Governance, Compliance, Legal, and Appointments. We increased disclosure and transparency rates by preparing consolidated and audited financial statements according to IFRS standards, working according to specific and timed plans, and protecting our foreign assets from seizure and execution. We also developed and adopted a set of policies and systems governing the bank’s work and rebuilt the three lines of defense.
 
We continue to execute the comprehensive strategic transformation, with our next focus on improving the performance of our foreign investments, ensuring their capital adequacy, and compliance with regulatory requirements in their respective countries. We aim to enhance their returns in a globally competitive and rapidly changing market.
 
Additionally, we seek to continue developing the performance of our investment portfolio by investing in financial products that yield significant returns without jeopardizing the safety of our investments. We also aim to fulfill our bank’s role in driving trade and investment domestically through our contributions to national banks and companies, which we strive to support in financing projects and introducing financial products needed in the Libyan market, such as leasing. We also rely on our bank to play a national role in encouraging foreign investors to enter Libya by overcoming investment guarantee challenges that hinder the targeted return of foreign capital.
 
As I stated three years ago, the transformation train at the Libyan Foreign Bank has started, and today I affirm that it has begun reaching its targeted profitability and return stages, with work continuing to achieve comprehensive transformation despite challenges and obstacles.
 
Mustafa Al-Mana
Member of the Management Committee and Chairman of the Governance Committee, Libyan Foreign Bank
Media Contact
Company Name : Libyan Foreign Bank
Email Id : info@laf.ly
Company Address : Dat El Imad Administrative Complex, Tripoli, Libya
Company Website : https://www.lfb.ly/en

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Press Release

IRONZON Launches Revolutionary 490T Smart Lock, Bringing Convenience and Security Together

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China, 21st Sep 2024 – IRONZON, a trailblazer in the smart lock industry, proudly announces  the launch of its latest line of superior and intelligent fingerprint door lock with keypad, the 490T Smart Lock. Designed for providing unparalleled convenience and safety for modern homes, the new innovation is here to provide a perfect solution for those struggling with traditional locks, concerned about home security, or having elderly family members who find it difficult to open doors. With a steadfast commitment to innovation and quality, IRONZON continues to set new standards in home security.

IRONZON has built a strong reputation for developing secure and sophisticated locks using durable, corrosion-resistant metals since its inception. These high-quality, sturdy, eco-friendly locks are made from recyclable materials, in line with IRONZON’s commitment to sustainability.

Continuing its dedication to leveraging the latest advancements in technology to enhance the security and convenience of its products, IRONZON push the boundaries of smart lock technology with the 490T 5-in-1 keyless entry door lock, combining cutting-edge security features with a sleek design to offer an unmatched home protection solution. Engineered for the tech-savvy homeowner, the 490T provides multiple advanced entry methods, ensuring both convenience and top-tier security. 

Key Features of the IRONZON 490T Smart Lock:

Biometric Fingerprint Recognition: Powered by the latest in biometric technology, the 490T’s fingerprint sensor delivers lightning-fast, highly accurate recognition, ensuring secure and effortless access for registered users.

Precision Keypad Entry: The lock’s illuminated keypad is designed for intuitive use, enabling secure keyless entry even in low-light conditions. Anti-peep technology is incorporated  to safeguard your access codes from unauthorized observation.

Traditional Key Entry: For users who prefer a classic approach, the 490T includes a traditional key option, ensuring accessibility at all times.

Card Access: The 490T lock supports card entry, adding another layer of convenience, especially for users who prefer a tangible entry method with the convenience of proximity unlocking.

Smart App Control: The IRONZON app enables remote control of the lock, allowing users to unlock, monitor, and manage access from anywhere.

Easy-Installation: Additionally, the 490T Door Handle Smart Lock is designed for easy installation, making it simple for homeowners to upgrade their security without the need for professional help.

To celebrate the launch of the 490T, IRONZON is offering a special promotional event from September 15th to September 30th, with exclusive discounts of up to 20% available. This limited-time offer provides an excellent opportunity for homeowners to experience the next generation of smart locks. 

For more information about the 490T fingerprint door lock with keypad and the upcoming promotional event, please visit: https://ironzon.com/pages/september-new-arrival

About IRONZON

IRONZON is a leading brand in the smart lock industry, committed to enhancing home security through the integration of cutting-edge technology and high-quality materials. With a focus on safety, intelligence, and durability, IRONZON designs and manufactures smart locks that deliver exceptional performance and user satisfaction.

Media Contact

Organization: ShinyMoon Technology HK Limited

Contact Person: Roffey Wong

Website: https://ironzon.com/

Email: Send Email

Country: China

Release Id: 21092417257

The post IRONZON Launches Revolutionary 490T Smart Lock, Bringing Convenience and Security Together appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Press Release

eIQT Now Available for Farming on IQ Global Platform

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Quebec, Canada, 20th Sep 2024 – IQ Global, a cryptocurrency platform, has launched eIQT, a new token available for farming through its Demi-Farming feature. The recent move has enabled users to farm eIQT directly via the IQ Global platform, further expanding opportunities within the decentralized finance (DeFi) space.

IQ Global is known for its emphasis on security, liquidity, and fostering a strong community around cryptocurrency-based passive income strategies. The platform offers key products such as IQ Prediction, which aids users in making well-informed financial decisions, and IQ Stake, designed to support long-term wealth growth through staking.

Looking ahead, IQ Global has laid out an ambitious roadmap. In Q4 of 2024, the company plans to list its IQ Token (IQT) on a leading global exchange, targeting a market capitalization of $1 billion. By 2025, IQ Global aims to launch its private blockchain, B Chain, with research and testnet developments scheduled for the first half of the year, followed by a full mainnet launch in the second half.

These milestones, combined with the platform’s commitment to clean energy solutions and health technology integration, reflect IQ Global’s long-term strategy to evolve within the cryptocurrency and blockchain sectors.

For more information about IQ Global and its services, please visit their website.

Stay updated with the latest news and announcements by following IQ Global on :

 X: https://x.com/IQGlobal

Telegram: https://t.me/IQGlobal_Official

 

About IQ Global:

IQ Global is a cryptocurrency platform. Its main products include IQ Prediction, which helps users make informed investment decisions, and IQ Stake, which allows users to grow their wealth through staking. IQ Global emphasizes security, liquidity, and community development. The platform plans to expand through initiatives like listing its token (IQT) on major exchanges and launching a blockchain (B Chain) by 2025. They also aim to integrate clean energy solutions and health technology advancements.

 

 

Media Contact

Organization: IQ Global

Contact Person: Kimberly Chan

Website: https://iqglobal.org/

Email: info@iqtglobal.net

City: Quebec

Country: Canada

Release Id: 20092417211

The post eIQT Now Available for Farming on IQ Global Platform appeared on King Newswire. It is provided by a third-party content provider. King Newswire makes no warranties or representations in connection with it.

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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Press Release

Title Loan Pros Montgomery Simplifies Title Loan Process with 24-Hour Online Approvals

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Title Loan Pros Montgomery is proud to announce the launch of its new streamlined online title loan approval process, enabling customers to access the financial assistance they need within 24 hours. This move is designed to provide a quicker and more convenient service for individuals seeking title loans in Montgomery, AL.

With an increasing number of customers looking for fast and easy solutions to short-term financial challenges, Title Loan Pros Montgomery has introduced this new online process to remove the hassle typically associated with traditional loan applications. Customers can now apply online from the comfort of their homes and receive their loan approval within just one business day.

Title Loan Pros Montgomery works with referral lenders that are licensed by the state and meet all regulatory requirements, ensuring a safe and secure lending process. Each title loan application will include a credit check, but for those with poor credit history, there’s good news: the equity in your vehicle acts as your credit.

“We understand that life’s financial emergencies can happen without warning. Our goal is to provide fast, reliable, and accessible financial options for our customers when they need it most,” said a representative from Title Loan Pros Montgomery. “We’re proud to offer low-interest title loans on all types of vehicles, including motorcycles, RVs, and commercial vehicles.”

In addition to providing fast approval, Title Loan Pros Montgomery offers refinancing title loan options for those who already have a loan with another company. If you have positive equity in your vehicle, Title Loan Pros Montgomery can help you get better terms and potentially more money.

Quote from Consumer Finance Expert

Daniel Joelson, a renowned consumer finance expert, commented on the impact of quick loan approvals: “For many consumers, speed and convenience are critical when facing financial hardship. By offering 24-hour online approvals, Title Loan Pros Montgomery is filling a vital gap in the market, allowing individuals to meet pressing financial needs without the traditional delays.”

Fast Approval for a Variety of Vehicles

Title Loan Pros Montgomery offers more than just car title loans. They provide loans for a range of vehicles, including motorcycles, classic cars, and commercial vehicles. With their easy online application, customers can get the money they need, no matter the type of vehicle they own.

 Title Pawn Loans Available

In addition, Title Loan Pros Montgomery provides title pawn loans, which allow customers to use their vehicle title as collateral while still driving their vehicle.

Get Cash in 24 Hours

The online title loan process is simple and designed for ease of use. After completing the application, customers can receive approval within 24 hours, getting cash quickly to cover emergencies or other urgent needs.

About Title Loan Pros Montgomery

Title Loan Pros Montgomery is a leading broker of title loans in Montgomery, Alabama. By partnering with licensed lenders, the company offers low-interest loans for a variety of vehicles, ensuring that customers receive the highest possible value for their equity. With a commitment to fast service, convenience, and customer satisfaction, Title Loan Pros Montgomery is redefining the title loan experience for borrowers.

Contact Information:

For more information, please visit www.titleloanprosmontgomery.com or contact:

Title Loan Pros Montgomery

344 986 4119

info@titleloanprosmontgomery.com

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Digi Observer journalist was involved in the writing and production of this article.

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