At the end of July 2023, three Algerian banking subsidiaries will emerge abroad, specifically in France, Senegal and Mauritania. It was Kaaziz Faid, Minister of Finance, who announced it on May 8, 2023 in Algiers, during a Council of the Nation. Through its government, Algeria took this decision.
The subsidiary which will open in France is that of the External Bank of Algeria (BEA). The other two banks come from four Algerian public banks and will see the light of day in Mauritania and Senegal respectively.
The Minister of Finance underlined that “…the opening of Algerian banks abroad, particularly in France and in Africa, is of strategic importance for the Algerian State on both a political and economic level”, reports APS.
Concerning the “Banque algérienne sénégalaise” (BAS), the leader of which is the BNA with 40% of the capital, it also includes the Crédit populaire d’Algérie (CPA), the External Bank of Algeria (BEA), as well as than the Bank for Agriculture and Rural Development (Badr) with 20% each, specifies Faid.
It will be the first 100% Algerian public bank to be approved abroad. With a capital of 100 million dollars, the start of its activities (in Senegal) is scheduled for August-September 2023. Understand by this announcement that Algeria wants to regain its place – this time economic – in Africa through the accompaniment of Algerian entrepreneurs on African markets.
