Official: “Opening Of 3 Algerian Banks Abroad Before The End Of 2022”

The relevant authorities are expected to announce the opening of 3 branches of Algerian banks abroad before the end of the year 2022 notably in France, Mauritania and Senegal.
These banks will be represented by the Algerian External Bank, the Algerian People’s Credit, the Algerian National Bank and the Bank for Agriculture and Rural Development.
The head of the Professional Association of Banks and the head of the Maghreb Banking Summit, Mr. Lazhar Latrache, who is also general manager of the Algerian External Bank, revealed that Algerian banks are preparing to announce the opening of new branches outside the country before the end of the year notably an Algerian bank in Europe and two other banks in Africa, the first in Senegal and the second in Mauritania.
Taking the floor on the sidelines of the 16th session of the General Assembly and the 18th session of the Maghreb Banking Summit, Monday, at the El-Aurassi Hotel in upper Algiers, Mr. Latrache statedthat the two branches of Mauritania and Senegal are represented by a bloc of 4 Algerian banks, namely, the Algerian External Bank, the Algerian People’s Credit, the Algerian National Bank and the Bank for Agriculture and Rural Development, stressing that the acceleration of opening these branches to banks abroad is due to the Algerian authorities’ efforts to accompany Algerian economic dealers in exporting, especially Algeria’s presence in the African Free Zone, and also in Europe to encourage exports and get closer to Algerian dealers abroad.
Regarding the Moroccan banking summit, Latrache explained that Algeria is organizing the eighteenth session of the Association of Maghreb Banks, in the presence of all the five Maghreb countries, consisting of 5 central banks, which includes more than 180 banks and financial institutions, and this is after the resounding success of the Arab summit organized on the first and second of November in Algeria.
The Maghreb Banks Forum seeks to study some issues of the financial arena in Algeria, and achieve several goals, including finding solutions to financial problems after the Corona virus pandemic, popularizing digitization and enhancing the role of banks to satisfy consumers in the Maghreb countries in the first place.
The speaker stressed that the modernization and digitization of banks came on the instructions of the President of the Republic, Mr. Abdelmadjid Tebboune, and the Minister of Finance, Mr. Djamel Eddine Kessali, who stated that among the government’s goals is the digitization of the financial and banking sector in Algeria to keep pace with the reforms implemented at the global level and to get closer to the citizen through quality banking services.
This is one of the reasons that prompted the Algerian External Bank this year ranked 11th out of 200 banks on the African continent, given the development of the quality of banking services provided at its level.
The head of the Professional Association of Banks and Financial Institutions also praised the positive results achieved in the field of Islamic banking, and said that they exceeded expectations, at the level of public banks, which today have turned into poles of this new financing, and the customer has become a choice between classical financing and the formulas conforming to Shariaa or Islamic law.
The latter also praised what he described as “great achievements in developing the Maghreb banking system, waiting for more successes, especially in the field of digitizing banking services, in order to keep pace with developments in the world, by relying on modern systems, means and technologies that are based mainly on innovation and artificial intelligence, by working and coordinating with institutions.”
It should be noted that the 18th session of the Maghreb Banking Summit, organized by the Union of Maghreb Banks (UBM), in collaboration with ABEF, is being held on Monday and Tuesday in Algiers under the theme “challenges and prospects for banking activity”.
The Summit brings together leaders and senior executives of banks and senior economic and financial officials from AMU countries, as well as several international experts.
On Tuesday, the summit will be moderated in the form of a workshop focusing in particular on compliance with international standards for the fight against money laundering and the financing of terrorism, responsible DATA and ethics in the banking sector, as well as the bank of tomorrow in the era of the “Engagement Banking Platform”.