Algeria's banking sector to be revamped before any new assent to foreign banks, says Minister

According to the Minister in charge of financial reform Mrs Fatiha Mentouri, the Algerian government has decided to put an end to the granting of official assents to foreign Banks intent on opening a subsidiary here in Algeria on account of a certain murkiness now surrounding the Algerian banking sector.

The minister said however that such a measure was only provisional in expectation of a thorough revamping operation to be undertaken by the Bank of Algeria within the national banking establishments to make them tally with international financial standards.

Fatiha Mentouri further revealed that the Algerian government was envisaging the creation of a mega banking group bringing together the Algeria national bank BNA and Algeria’s external bank BEA in a bid to bolster Algeria’s banking grip and ensure by the same token the financing of future national industrial projects.