The Banque Extérieure d’Algérie (BEA) has obtained official authorization to operate in France and Europe. This decision marks a significant milestone in the internationalization of the Algerian banking sector. The BEA plans to open five agencies in France, primarily aimed at serving the Algerian diaspora and facilitating financial transactions between the two shores of the Mediterranean.
The BEA’s approval as a credit institution in France was validated by the Prudential Supervision and Resolution Authority (ACPR) and the European Central Bank (ECB). This banking license enables the BEA to directly offer financial services in France and Europe, including bank accounts, loans, and fund transfers between the two countries.
The French Embassy in Algiers confirmed this development, a process that has been underway for several years, emphasizing that it represents a strategic advancement to strengthen economic and financial relations between France and Algeria. “The French Embassy is available to support the BEA in its strategy to open 5 agencies in major French cities, given the importance of this market for the bank: the BEA will soon be able to directly offer complementary banking services between Algeria and France (as well as Europe) from its French branch,” the diplomatic mission stated in its communiqué.
The BEA’s approval as a credit institution in France was validated by the Prudential Supervision and Resolution Authority (ACPR) and the European Central Bank (ECB). This banking license enables the BEA to directly offer financial services in France and Europe, including bank accounts, loans, and fund transfers between the two countries.
The French Embassy in Algiers confirmed this development, a process that has been underway for several years, emphasizing that it represents a strategic advancement to strengthen economic and financial relations between France and Algeria. “The French Embassy is available to support the BEA in its strategy to open 5 agencies in major French cities, given the importance of this market for the bank: the BEA will soon be able to directly offer complementary banking services between Algeria and France (as well as Europe) from its French branch,” the diplomatic mission stated in its communiqué.
This initiative is also expected to facilitate investments and non-hydrocarbon exports by providing banking solutions to Algerian companies looking to expand into the European market.
The precise opening dates of the agencies will be announced soon, along with the names of the cities involved, but this authorization already represents a turning point for the BEA and the Algerian financial landscape on the international stage.
