Algeria: banks association sounds the alarm on departure of executives

Professional association of banks and financial institutions held an emergency meeting with 8 chief executives officials and representatives of Algerian public banks on Monday to study the situation of 40 to 45 thousands employees in baking field.

Professional association of banks and financial institutions held an emergency meeting with 8 chief executives officials and representatives of Algerian public banks on Monday to study the situation of 40 to 45 thousands employees in baking field

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 A number of competent executives have left public banks to work in local private ones and foreign banks’ branches which lure them by four times high salary.

A total of 2,500 employees have resigned since private banks were set up, 7 years ago

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 President of the professional association, Mohamed Djelab started negotiation meetings on the banking field situation to figure out the reasons for this “brain drain.”

According to sources close to the meeting, it came in circumstances where the banking sector is in recession. “That has sparked complaints among professionals in the banking and financial sector,” the same sources told Echorouk

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 In this regard, banks’ employees especially executives seek a review for their salaries file as 10 employees leaves the Algerian banks per month to work in foreign ones based in Algeria.