The Algerian Union Bank”, the first Algerian bank to open abroad, was inaugurated this Wednesday in the Mauritanian capital, Nouakchott.
The Algerian Union Bank, whose headquarters is located in the heart of the capital Nouakchott, is the result of a partnership between four Algerian public banks: the Crédit populaire d’Algérie (CPA, with 40% of the capital), the Banque Exterior of Algeria (BEA, 20%), the National Bank of Algeria (BNA, 20%) and the Bank of Agriculture and Rural Development (BADR, 20%) with a total capital of 50 million dollars.
The Minister of Finance, Laaziz Faid and the Minister of Trade and Export Promotion, Tayeb Zitouni, oversaw the inauguration of the new financial establishment, alongside the Mauritanian Minister of Finance, Isselmou Ould Mohamed M’Bady and that of Commerce, Industry, Crafts and Tourism, Lemrabott Ould Bennahi, the governor of the Mauritanian Central Bank, Mohamed Lemine Ould Dehbi and the president of the National Union of Mauritanian Employers, Mohamed Zine El Abidine Ould Cheikh Ahmed, in the presence of the Algerian ambassador to Mauritania, Mohamed Benattou, according to the APS agency.
Ministers Laaziz Faid and Tayeb Zitouni are due to inaugurate, tomorrow Thursday in the Senegalese capital Dakar, the second Algerian bank abroad, called “Algerian Bank of Senegal”. This bank has a capital of 100 million USD and was created by four Algerian public banks.
Note that the Algerian Bank of Senegal obtained its approval from the Senegalese authorities last April, while the Algerian Union Bank obtained its approval last June.
In a press release published Tuesday, the Ministry of Trade and Export Promotion indicated that during this visit to Mauritania and Senegal, “permanent fairs for Algerian products will be inaugurated in Nouakchott and Dakar, in order to allow the strengthening of trade and encouraging investment in local sectors.
These fairs will serve as “an ideal platform to exhibit Algerian products and services and strengthen internal and foreign trade,” added the same source.
