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  1. #8
    k_s
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    The financial system is the blood vein of any economy. Good to hear that Algeria is heading in the right direction.

  2. #9
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    Bank reforms settlement, next priority


  3. #10
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    KIPCO's Tunis International Bank expands operations in Algeria, Libya

    Tunis International Bank's (TIB) has begun expanding its operations in Algeria and Libya, in line with the strategy of Kuwait Projects Company (KIPCO), the holding company, said TIB's ECO Dr. Mohammad Al-Faqeeh on Thursday.

    Speaking to Kuwait News Agency (KUNA), he said that capital of the Algeria Gulf Bank, also a KIPCO subsidiary, was brought up from USD 20 million to USD 35 million only three years after its establishment.

    Moreover, he said TIB recently signed a memorandum of understanding with a Tunisian institution for the establishment of a join company specialized in providing financial and administrative consultations, adding that this was awaiting approval of Tunisian authorities.

    Al-Fiqeeh explained that TIB, which was held by KIPCO through the United Gulf Bank, had registered profits of USD 9.2 million in 2005 compared to USD 6.7 million the previous year.

    TIB was established in June 1982 as a fully licensed banking corporation. In October 1997, the United Gulf Bank acquired 48 percent of the bank's issued capital. Subsequently, this ownership has increased to 85 percent.

    Presently, TIB provides a comprehensive range of international financial services for corporations, financial institutions, and individuals and governments, both in Tunisia and in other countries.

    KIPCO's Tunis International Bank expands operations in Algeria, Libya

  4. #11
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    Al Salam Bank enters Algeria

    Al Salam Bank has acquired the license to launch an Islamic bank in Algeria with a paid up capital of US$100 million. The bank will launch its operations soon in the country and start offering a wide range of Shari’ah compliant banking services.

    Mr Mohamed Ali Alabbar, Head of Al Salam Bank’s Founders Committee, said: “The opening in Algeria underscores the ambitious vision of the bank to expand into new markets that have great potential for growth. The bank is already functioning in Sudan and Bahrain, and will now play a premier role in Algeria’s banking sector too by offering an array of Shari’ah compliant banking services and solutions.”

    Mr Alabbar added: “The expansion to Algeria complements the bank’s efforts to enhance its presence regionally, especially following the profits recorded during the first stage of its growth. Al Salam Bank will concentrate on the GCC market, with special focus on emerging markets as part of its second phase of expansion.” Mr Alabbar said that the Algerian economy is poised for an impressive growth following the structural and economic reforms initiated by the government. The bank’s presence in Algeria will complement the needs of businesses in various sectors of the economy.

    “The Algerian government has taken several steps to liberalize the economy and attract domestic and foreign investments. The new investment law would facilitate this and help channelize more investment to support the growth of the national economy,” said Mr Alabbar.

    Mr Hussein Mohammed Al Meeza, Deputy Head of Al Salam Bank Founder’s Committee, said: “The bank’s expansion into Algeria is in line with our strategic plan to tap the potential of emerging markets in the region. Algeria is pursuing a very aggressive role in modernizing the economy and supports the initiatives of both the private sector and foreign investors. The bank has already finalized the procedures to set up operations and will have its headquarters in the capital city.”

    Algeria recently unveiled a new plan aimed at channelizing US$80 million to support the economy. Several regional and international banks are expected to enter the Algerian market. For a population of 31 million, Algeria has about 1,200 bank branches – one for every 29,000 individuals. Currently, the country has 18 banks and five financial institutions.

    Al Salam Bank enters Algeria

  5. #12
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    Fransabank announces move into Algerian market

    BEIRUT: Fransabank announced Wednesday that its regional expansion plan now includes an agreement to become the first Lebanese bank to officially operate in Algeria.

    In a statement, Fransabank said it would open a branch after obtaining a license from the Algerian Central Bank.

    Nadim Kassar, the president of Fransabank Algeria, told a press conference that the bank would open more branches in Algeria in the future.

    "We will start providing small- and medium-size businesses in Algeria loans and in the future we will introduce leasing services," Kassar said.

    Many leading Lebanese banks have expanded outside Lebanon in the past few years to diversify their incomes.

    Lebanese banks are now operating in 10 Arab countries, including Syria, Jordan, Egypt, Sudan and Algeria.

    Total assets of Lebanese banks currently stand at some $72 billion - or three times the country's GDP.

    Both BLOM and Audi Saradar have acquired medium-sized banks in Egypt within the past two years ago as part of their respective plans to tap a growing market with a population of more than 70 million people.

    Fransabank announces move into Algerian market

  6. #13
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    Medelci sees Spanish banks operating in Algeria in 2007

    MADRID (AFX) - Algeria''s Finance Minister Mourad Medelci said he expects Spanish banks to be operating in the country in 2007, as the sector's privatisation process gathers pace, AFP reported.

    Medelci was speaking after a meeting with Spain''s Industry Minister Joan Clos.

    Medelci did not provide the names of any specific banks but reports have highlighted Banco Santander Central Hispano SA's interest in the Algerian banking sector.

    Both SCH and peer Banco Bilbao Vizcaya Argentaria SA declined comment.

    Algeria began the privatization of its main public bank Credit Populaire d'Algérie this month.

    Medelci sees Spanish banks operating in Algeria in 2007

  7. #14
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    Credit Agricole eyes Algeria

    PARIS (Reuters) - Credit Agricole, France's biggest retail bank, said it was currently looking only at the Algerian market for possible acquisitions and that it was not interested in Turkey's Oyakbank.

    "We are only looking at one possible deal at the moment, which is in Algeria," Jean-Frederic de Leusse, Credit Agricole's group director for international development, told analysts.

    In Algeria, Credit Agricole has expressed an interest in buying a majority stake in Credit Populaire bank.

    Credit Agricole, which has made a series of overseas acquisitions during the past year, has also been linked with Oyakbank, but the French company said it had no current interest in the Turkish bank.

    "This is not on our current agenda," Chief Executive Georges Pauget told analysts.

    Credit Agricole shares closed down 0.22 percent at 31.33 euros. One analyst said the company could have provided more guidance on prospects for 2007.

    "The company is still sticking with its guidance presented in December last year. A more precise EPS (earnings per share) guidance for 2007 would have been welcomed by investors," said West LB analyst Christoph Bossmann.

    Credit Agricole said its Calyon investment bank was likely to have "robust growth" in the near future.

    In a slide presentation available on its Web site, Credit Agricole said Calyon had expertise in human resources and had strengthened its customer base, enlarged its range of products and built up a strong international network.

    "These four factors should ensure robust growth for Calyon over the coming years," Credit Agricole said.

    Credit Agricole said demand for credit would probably remain robust and revenues in the investment banking sector continue to rise rapidly.

    Last month, Credit Agricole reported a 12 percent year-on-year rise in third-quarter net profit, although the figure was lower than net profit in previous quarters in 2006.

    Credit Agricole's shares have fallen over the past two months from a record high of 36.15 euros reached in October. Since the start of 2006, they are up around 17 percent, slightly outperforming a 15 percent gain in the DJ Stoxx European bank sector.

    Credit Agricole will not bid for Oyakbank, eyes Algeria

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