BY: Hana Saada
ALGIERS- The subsidiary of the National Bank of Algeria (BNA) in Senegal, the Algerian Senegalese Bank, has obtained the approval of the Senegalese monetary authorities, thus becoming the first Algerian public bank approved to carry out its activity abroad, pending the opening of other banks soon, indicated the chairman of the board of directors of the bank, general manager of the BNA, Mohamed Lamine Lebbou.
In a statement to APS, Mr. Lebbou pointed out that “on April 11, the Algerian Senegalese bank obtained the approval of the Senegalese authorities signed by the Senegalese Minister of Finance, thus becoming the first 100% Algerian bank approved abroad”.
Mr. Lebbou explained that the operation took place in two phases, the first at the level of the finance commission of the Central Bank of West African States (BCEAO) in Côte d’Ivoire, and the second in Senegal “where we explained our investment strategy which was accepted without reservations”.
The Algerian Senegalese bank “will begin its activity after following the procedures necessary for the effective opening of the Agency, i.e. before next September”, he said, specifying that the capital of the bank is estimated at 100 million of dollars.
Mr. Lebbou added that “the Senegalese Algerian Bank is made up of 4 shareholders led by the BNA with a contribution rate of 40%, against 20% for the Crédit Populaire d’Algérie ‘People’s Credit of Algeria’ (CPA), the External Bank of Algeria ( BEA) and the Bank for Agriculture and Rural Development (BADR Bank)”.
He specified that the approval thus obtained is very important because it confirms the strength of the Algerian skills in the constitution of a complete file and the organization of all the necessary deliberations.
“The file was submitted in January and we managed to obtain approval in a short time,” he noted.
And to add: “This approval confirms our determination to achieve economic efficiency and support Algerian economic operators”, pending the opening of the Bank of the Algerian Union in Mauritania and the BEA soon in France.
