June 13, 2011- The North Africa Commercial Bank (NACB) froze assets belonging to the Libyan regime, in compliance with United Nations Security Council resolutions 1970 and 1973, Byblos Bank’s Lebanon This Week reported.

The two resolutions stipulate that member states should freeze funds, other financial assets, and economic resources on their territories that are owned or controlled, directly or indirectly, by the Libyan regime.

NACB was founded in 1973 under the name "The Arab Libyan Tunisian Bank SAL". The two main shareholders were Libyan Foreign Bank - Libya and Société Tunisienne de banque - Tunisia.  The bank's name was changed as above in 1989, after the Tunisian shares were sold to Libyan Arab Foreign Bank and to Lebanese shareholders.

 The Libyan Foreign Bank holds 99.5 percent of NACB's shares.

Last week, the Lebanese-Canadian Bank stated that it has frozen the assets of Tunisia's former first lady Leila Trabolsi Ben Ali and some of her relatives.

The banks did not disclose the amount or nature of the frozen assets.