The banking sector in Algeria is enriched by the opening of new branches abroad. Indeed, 3 new units will open before the end of the year. These agencies will open in France, Mauritania, and Senegal. These are branches of the Crédit Populaire Algérien, the National Bank of Algeria, and the Bank for Agriculture and Rural Development.
The president of the Professional Association of Banks and Financial Institutions, Lazhar Latrach, also the general manager of the Algerian Bank for Foreigners, reported the information.
The President of ABEF spoke on the sidelines of the 16th session of the General Assembly and the 18th session of the Maghreb Banking Summit, on November 14, at the El-Aurassi hotel. He pointed out that the two branches of Mauritania and Senegal will be represented by a block of 4 Algerian banks, namely the External Bank of Algeria (BEA), the Algerian Popular Credit (CPA), the National Bank of Algeria (BNA) and the Bank for Agriculture and Rural Development (BADR).
The opening of these branches responds to the need to modernize banking establishments and also to the need to open up abroad to facilitate the movement of funds for the customers of these banks. It also aims to attract funds from the Algerian diaspora established abroad. Stressing that, however, the acceleration of the opening of these branches to banks abroad is due to the efforts of the Algerian authorities to support Algerian economic operators in export, in particular the presence of Algeria in the African free zone, but also in Europe to encourage exports and get closer to Algerian dealers abroad.
Regarding the Forum of Maghreb Banks organized in Algeria, its main objective is to find solutions to financial problems after the pandemic. It also aims to popularize digitization and strengthen the role of banks to first satisfy consumers in North African countries.
