Algeria Establishes its First National Bank Overseas

“Bank Algeria Senegalese” received official accreditation from the Ministry of Finance of Senegal as the first public bank opened by Algeria abroad.

And the Algerian news agency confirmed on Wednesday, with the permission of the Chairman of the Board of Directors of the National Bank of Algeria, Mohamed Lamin Labou, that “The Senegalese Ministry of Finance granted official accreditation to the Algerian Senegalese bank, April 11.”

And, as the chairman of the board of directors of the National Bank of Algeria explained, the approval of the first Algerian state bank in Senegal took place in two stages: the bank’s strategy, which was accepted without any reservations”.

The Algerian Senegalese Bank will start operations with an estimated capital of $100 million, consisting of four shareholders: the National Bank of Algiers with 40%, the Algiers People’s Credit, the Foreign Bank of Algiers and the Bank for Agriculture and Rural Development. , 20% for each shareholder.

The Senegal bank approval application file was deposited last January along with the approval requests from the Algiers Bank Union in Mauritania and the Algiers International Foreign Bank in France.

Source: Al-Shoruk, Algeria.