Accreditation of the first Algerian public bank abroad – El Hewar Algeria

The “Algerian-Senegalese Bank” obtains accreditation from the Senegalese monetary authorities, to be the first Algerian public bank to obtain a license to operate abroad, pending the opening of other banks soon.
The Director General of the National Bank of Algeria, Mohamed Lamine Labou, said that “on April 11, the Algerian Senegalese Bank obtained the accreditation from the Senegalese authorities, as it was signed by the Senegalese Minister of Finance, to be the first 100 percent Algerian public bank to obtain accreditation abroad.” “.
The official also revealed that obtaining accreditation came in two stages, the first at the level of the Finance Committee of the Central Bank of West African States in Côte d’Ivoire and the second in Senegal, where “we were heard to clarify our investment strategy, which was accepted without any reservation.”
The general manager pointed out that the Algerian-Senegalese Bank “will start operating after following the necessary procedures for the actual opening of the agency, and this is before next September,” pointing out that the bank’s capital is $100 million.
Labou revealed that the Algerian Senegalese Bank is made up of four shareholders, led by the National Bank of Algeria with 40 percent, Crédit Populaire Algeria, Bank of Algeria Foreign and the Bank of Agriculture and Rural Development, each with a contribution of 20 percent.
And he stated that “obtaining accreditation is very important, as it confirms the strength of the Algerian competencies in forming a complete file and carrying out all the necessary deliberations. The file was deposited in January, and thus we succeeded in obtaining accreditation in a short time.
And he considered that obtaining the accreditation “confirms our will to achieve economic efficiency and accompany Algerian economic operators,” pending the opening of the Algerian Union Bank in Mauritania and the Algerian International Foreign Bank in France “soon.”