BY: Dr. Hana Saada
ALGIERS, February 13, 2024 – Following the inauguration of its Nouakchott branch last September, the Algerian Union Bank is set to open its second branch in Mauritania this Wednesday. The new branch will be located in the industrial zone of Nouadhibou city.
“In line with the expansion of its network, the Algerian Union Bank will inaugurate its second branch by the Chairman of the Board of Directors, Ali Kadri, in the presence of local authorities,” stated a press release from the financial institution. As the first Algerian banking subsidiary to open its doors in Africa, the Algerian Union Bank aims to provide its clientele with proximity services.
By opening its second branch, the Algerian Union Bank seeks to extend its presence in Mauritania to support the intensification of Algero-Mauritanian trade and investment exchanges, as well as Algerian exporters in Mauritania and broader West Africa.
The press release further highlighted the ambitious development plan of the Algerian Union Bank to expand its branch network through the opening of additional branches. This demonstrates the bank’s determination to continue its targeted territorial coverage in Mauritania, in line with its network expansion strategy, while offering clients a range of tailored banking products and services.
Additionally, the bank’s roadmap for business development includes the opening of another branch in the Zouérate region in northern Mauritania during the first half of 2024.
It’s worth noting that the Algerian Union Bank, headquartered in Nouakchott, is the result of a partnership between four Algerian public banks: the Popular Credit of Algeria “Crédit Populaire d’Algérie” (CPA, holding 40% of the capital), the Exterior Bank of Algeria “Banque Extérieure d’Algérie” (BEA, 20%), the National Bank of Algeria “Banque Nationale d’Algérie” (BNA, 20%), and the Bank of Agriculture and Rural Development “Banque de l’Agriculture et du Développement Rural” (BADR, 20%), with a total capital of $50 million.
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