National Union Bank

What National Union Bank does

National Union Bank (مصرف الاتحاد الوطني) is a Libyan private bank headquartered in Benghazi that serves individuals, corporates, and government entities through a multi-channel distribution model. Founded in 2003 as Al-Ijmah Arab Bank and rebranded in 2024 with Central Bank of Libya approval, the bank operates nine physical branches across Libya supplemented by mobile banking vans deployed in eight cities, an ATM/POS network, and the recently launched SMARTBANK mobile application and WhatsApp banking channel. Its 251-500 employees support an 18-product catalog spanning current and savings accounts, salary cards, local and international cards, ATM and POS services, documentary credits, letters of guarantee, and remittances.

The bank's core technology stack is anchored on Oracle Flexcube, with an upgrade under evaluation as of 2026. International connectivity is delivered through SWIFT membership, a Western Union remittance partnership, and a network of twelve-plus correspondent banking relationships, complemented by partnerships with Banca UBAE, Deloitte, K2 Integrity, and the Wolfsberg Group for compliance advisory. Reported 2025 financials include 3.91 billion LYD in total assets, 2.25 billion LYD in deposits, 48.37 million LYD in total revenue, 37.8 million LYD in operating income, a 20.04% capital adequacy ratio, a 64.8% liquidity ratio, and a 60.5% net profit margin against a 253% cost-to-income ratio. The bank is owned by 394 shareholders (377 individuals holding 70% and 17 institutions holding 30%).

Revenue mechanics derive primarily from transaction-based fees across remittances, documentary credits, card interchange, and POS/ATM activity, supplemented by net interest income on the deposit base. The 2024 rebrand, 2026 digital channel launches, and correspondent bank network expansion indicate a strategic shift from a traditional branch-led Libyan private bank into a digitally-enabled institution targeting retail, SME, corporate, and cross-border remittance segments. The very high cost-to-income ratio alongside elevated profitability reflects either significant investment in technology and compliance infrastructure or structural operating inefficiency that warrants deeper diligence.

Name

National Union Bank

Legal name

National Union Bank (مصرف الاتحاد الوطني)

Website

https://nubank.ly

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

251–500 employees

Short description

National Union Bank (مصرف الاتحاد الوطني) is a Libyan private bank headquartered in Benghazi, serving individuals, corporates, and government entities through nine branches, mobile banking vans in eight cities, and the SMARTBANK digital platform offering accounts, cards, remittances, and trade finance.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

Keywords

• Retail banking services
• International remittances
• Trade finance
• Mobile banking
• Correspondent banking

Headquarters

HQ city

Benghazi

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Core Banking Services: Traditional banking services including account management, deposits, and basic financial transactions for individuals and corporations
2. Remittance Services: Money transfer services including Western Union remittances, corporate transfers, and personal remittances for treatment and education purposes. Transfer limit of $2,000 per transaction.
3. Card Services: Local and international card issuance including salary cards and electronic payment cards
4. Documentary Credits: Trade finance services including letters of credit for import/export operations under UCP 600 standards
5. POS and ATM Services: Point of sale terminals and ATM network providing electronic payment acceptance and cash withdrawal services

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels4 records

Core offering

National Union Bank is a Libyan commercial bank that provides retail and corporate banking services across multiple Libyan cities. Its offerings include current, deposit, and savings accounts; local and international payment cards (including salary cards); domestic and international remittances via Western Union and SWIFT; documentary credits and trade finance; POS terminals and ATM services; and a mobile banking application (SmartBank) plus WhatsApp banking channel. The bank distributes services through 9 physical branches, a mobile banking van, an ATM network, POS terminals, and digital channels.

Product overview

National Union Bank operates as a unified banking platform offering a comprehensive portfolio of 18 distinct products and services. The core offering centers on the SMARTBANK ecosystem, which includes a mobile application (Android/iOS) and WhatsApp banking service for digital-first banking. Traditional banking is supported through worker accounts, salary cards, local and international payment cards, ATM networks, and POS terminals. Money transfer capabilities span Western Union integration, SWIFT-based international transfers, and dedicated channels for corporate and individual remittances including treatment and study transfers. The bank also provides a mobile banking van service to extend reach to underserved areas, documentary credits for international trade, and account management solutions across current, deposit, and savings accounts.

Differentiator

Problem solved

Functional benefit

Brands

• Smartbank: Innovative mobile banking application designed to be the user's comprehensive financial companion, enabling all transactions from one place with intelligence and security.

Products and services

• SmartBank Mobile Application Comprehensive mobile banking application for Android and iOS that enables customers to perform financial transactions, account management, and daily banking operations from a unified platform with smart and secure money management capabilities. Available for individual and corporate customers in Libya.
• SmartBank WhatsApp Banking Service WhatsApp-based banking service enabling customers to inquire and communicate with the bank directly through the WhatsApp application for a modern and convenient banking experience. Targeted at individual and small business customers in Libya.
• Account Management (Current, Deposit, Savings) Comprehensive banking account management services offering current accounts, deposit accounts, and savings accounts designed for flexibility and security. Available for individual customers in Libya.
• Salary Cards Smart card-based payroll solution for business owners to manage payroll electronically, with easy withdrawal through ATMs and direct purchasing at point-of-sale terminals. For employers and employees in Libya.
• Local Cards Electronic cards providing ease and security for purchasing, withdrawal, and payment operations within the local Libyan market.
• International Cards Globally accepted cards enabling freedom of shopping and travel with high security and protection levels for Libyan cardholders.
• POS (Point of Sale) Terminals Electronic payment terminals provided to merchants (free subscription, fast activation) for secure and fast digital payment transactions, enabling customers to complete purchases without carrying cash.
• ATM Services Automated teller machines enabling cash withdrawal, deposit, balance inquiry, and account statement services across branch cities in Libya.
• Mobile Banking Van Mobile branch service bringing essential banking transactions to customers via a traveling branch, expanding access to underserved areas across 8 Libyan cities.
• Individual Transfers Personal transfer services including Western Union transfers booked via the personal purposes platform, study and treatment transfers for students and patients abroad, and expatriate remittance services with a $2,000 per-transaction limit.
• Corporate Remittances Integrated package of remittance and commercial transfer services for companies and institutions covering local and international financial requirements.
• Small Merchant Transfers Direct external transfer service for small merchants and craftsmen through dedicated systems to support trade development and business growth in Libya.
• Treatment and Study Transfers Specialized foreign currency purchase coverage for students studying abroad and patients seeking medical treatment overseas, compliant with official Libyan regulations.
• Commercial Transfers Settlement service for companies and institutions to settle local and international financial obligations according to high banking security standards.
• Aviation and Insurance Transfers Financial settlement services for aviation and insurance companies to support business continuity and international obligations.
• Documentary Credits Comprehensive solutions for documentary credits under UCP 600 standards ensuring safe and reliable international trade operations and preserving the rights of all parties.
• Financing Services Comprehensive banking financing solutions designed to meet customer credit needs in the Libyan market.
• Worker Account Opening Bank account opening service for workers with local card benefits and access to international transfers, compliant with Central Bank of Libya regulations.

Quantifiable outcome

• Total assets of 3.91 billion Libyan dinars, demonstrating significant market presence
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration14 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• Western UnioncoreChannel Partner/ Reseller/ DistributorWestern Union partnership enables instant international money transfer services. Service available at all bank branches and agencies with transfer limit of $2,000 per transaction.
• Oracle (Flexcube)coreTechnology or IntegrationCore banking system evaluation partnership with Oracle for Flexcube system upgrade. Meeting held with regional manager for Middle East and North Africa to discuss system enhancement and latest versions.
• Banca UBAE SpAcoreStrategic or Co-development PartnerBanca UBAE SpA organized a seminar in Istanbul on international banking developments including AI integration in banking and compliance efficiency, with participation from bank management.
• DeloitteminorStrategic or Co-development PartnerDeloitte experts contributed to international banking seminar on AI integration and payment compliance topics.
• K2 IntegrityminorStrategic or Co-development PartnerK2 Integrity conducted training workshops on international sanctions compliance, AML/CFT, trade finance compliance, and due diligence procedures attended by bank's compliance team.
• Wolfsberg GroupcoreOthersBank adheres to Wolfsberg Group principles for anti-money laundering and financial crime prevention, representing international best practice standards.
• SWIFTcoreTechnology or IntegrationSWIFT network enables international wire transfers with SWIFT gpi tracking capabilities. Bank's SWIFT code is EJABLYLXXXX.
• Libyan Foreign BankcoreChannel Partner/ Reseller/ DistributorCorrespondent banking relationship with LAFBLYLTXXX providing global coverage for international transactions.
• Arab Bank for Investment and Foreign Trade (ABII)coreChannel Partner/ Reseller/ DistributorCorrespondent banking relationship with ABINAEAA based in Abu Dhabi, UAE for Middle East coverage.
• Bank ABCcoreChannel Partner/ Reseller/ DistributorCorrespondent banking with ABCORBBM in Bahrain providing global MENA coverage for international banking services.
• AresbankminorChannel Partner/ Reseller/ DistributorMadrid-based correspondent bank ARESESMM for Europe and Middle East coverage. Joint delegation visit to strengthen cooperation.
• Libyan Central BankcoreOthersCentral Bank of Libya is the regulatory authority governing all bank operations and approved the 2024 rebranding.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Sahara Bank (Libya): Libyan commercial bank offering individual and corporate banking plus international remittances. Overlaps directly with National Union Bank on deposit accounts, trade finance, Western Union flows and multi-city Libyan branch presence.
• Mediterranean Bank (Libya): Private Libyan commercial bank focused on retail and corporate customers. Directly comparable on customer segments, deposit products and card services targeting the same Libyan individual/SME market.
• Bank of Commerce and Development (BCD): Private Libyan commercial bank with retail and corporate focus. Comparable on SME/commercial banking, correspondent relationships, and remittance-driven transaction revenue across the Libyan market.
• Wahda Bank: Major Libyan commercial bank providing retail, corporate and trade finance services. Closely comparable to National Union Bank on customer segments, branch-led distribution, and product suite spanning accounts, cards, remittances and documentary credits.
• Jumhouria Bank (Libya): State-owned Libyan commercial bank with the largest retail and corporate footprint in the country. Directly comparable as a full-service commercial bank operating under Central Bank of Libya regulation with extensive branch and correspondent coverage.
• Libyan Foreign Bank: Libyan state-owned wholesale/foreign trade bank that is itself a correspondent for National Union Bank. Comparable on cross-border trade finance, SWIFT-based international settlements, and corporate remittance handling.

Broad incumbents

• Arab Bank: Large MENA commercial banking franchise. Comparable on cross-border trade finance, remittance servicing and correspondent banking architecture used by North African banks, though with a far larger regional footprint.
• Bank ABC (Arab Banking Corporation): Bahrain-headquartered MENA banking group and a National Union Bank correspondent. Comparable on correspondent banking, trade finance, and treasury services, but operates at much broader regional scale rather than Libya-focused.

Regional players

• Attijari Bank (Tunisia): Tunisian commercial bank and one of National Union Bank's documented correspondents. Comparable on North African retail/SME banking, international remittances and SWIFT-based cross-border services, though operating from a different country.
• Banque Tuniso-Libyenne: Tunisia-based joint bank with explicit Libyan commercial orientation and a listed correspondent of National Union Bank. Comparable on cross-border trade and remittance flows between Libya and Tunisia, though headquartered abroad.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/N_U_Bank
• Facebookfacebook.com/profile.php?id=61557779092140

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles22 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National Union Bank