Consumption loans reach 400 million dinars to buy Symbol car and home appliances

Chairman of Societe Generale Algeria’s board of directors Eric Wormser Wednesday said consumption loans value have reached 400 million DZ. Of them, 15 percent were for buying Renault Symbol cars and 85 percent for furniture, construction materials and home appliances. Contracts were signed with 37 operators.

Wormser told journalists the consumption loans project were appreciated by many Algerians. Condor, Brandt and Symbol are the most important operators as the law stipulates that loans should be offered for locally made products.

He added that Societe Generale received 5,000 applications while 1,000 have received positive reply so far.  

He also said the bank does not accept “unclean” money. Any sum coming from black market is submitted to legal procedures to detect the money source.

He added that Islamic banking services will be launched without any interest. “We are not an Islamic bank but we plan to launch Islamic shops. We are encouraged by the Algerian finance minister. The bank is also ready to launch e-commerce. This will be done via secured cards.”

He also said Societe Generale will open 5 agencies annually. Their current number is 87 with 1,400 employees. Of them, 99 are Algerians.