Algeria/ Opening of the Algerian Union Bank in Mauritania: A strategic step for Algeria in Africa

« The Algerian Union Bank», the leading Algerian bank, exports abroad. It was officially opened in Nouakchott, the capital of Mauritania, on Wednesday. This initiative is of major strategic importance for the Algerian state, both economically and politically. It stems from the will of the President of the Republic to facilitate investment and trade between Algeria and the African continent.

«The Algerian Union Bank», whose headquarters are located in the heart of Nouakchott, is the result of a partnership between four Algerian public banks: Credit Populaire of Algeria (CPA) with a 40% stake, the Foreign Bank of Algeria (BEA) with 20%, the National Bank of Algeria (BNA) with 20%, and the Bank of Agriculture and Rural Development (BADR) with 20%. The total capital of this institution is $50 million.

The inauguration ceremony was supervised by Finance Minister Laaziz Faid and Trade and Export Promotion Minister Tayeb Zitouni. They were accompanied by the Mauritanian Minister of Finance, Isselmou Ould Mohamed M’Bady, the Minister of Commerce, Industry, Crafts and Tourism, Lemrabott Ould Bennahi, the Governor of the Mauritanian Central Bank, Mohamed Lemine Ould Dehbi, and the president of the National Union of Mauritanian Employers, Mohamed Zine El Abidine Ould Cheikh Ahmed. The Algerian Ambassador to Mauritania, Mohamed Benattou, was also present at the event.

It should be noted that the Ministers of Finance and Trade and Export Promotion plan to inaugurate, this Thursday, a second Algerian bank abroad in Dakar, the Senegalese capital, under the name «Algerian Bank of Senegal».

Just AKO.