Algerian External Bank spearheads the economic development in the country

The Algerian External Bank ( BEA) has registered a turnover worth nearly $ 32 billion over the year 2010 , placing it as one of the leaders at the domestic and regional levels.

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• The Algerian Press Agency ( APS) has quoted the bank’s general manager Mohammed Loukel saying that his institution has reached the second place in the Maghreb Banks ranking, the third in North African and the eighth in Africa according to a classification conducted by “ Jeune Afrique” magazine.

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• By contrast, the outcomes of the hydrocarbons company “Sonatrach” deposited at the same bank have shrunk despite the rally of the international oil market. Sontarch has garnered $ 13 billion over the year 2010, representing 51,8% of the bank’s gross outcome, while the share was 54%   over the 2009.

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• The  bank’s general manager has linked this positive results to the new strategy followed by the bank over the last few years which consists in diversifying its funding sources” the bank has moved from the hydrocarbons sector exclusively to other sectors boosting thus, it commercial branches”, he said

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• The bank’s funding of the small and medium enterprises moved from 125 billion Algerian Dinars in 2009 to 138 billion Algerian Dinars in 2010, translating the strategy of the bank to assist the Algerian companies.

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