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The bank in question is expected to invest $ 30 million at least and work in association with French banks. The Moroccan Bank headed by Mr Athmane Bendjelloun filed to request an authorisation last February at the Bank of Algeria for opening a subsidiary. It will be the first Moroccan bank operating in Algeria. Besides the Foreign Trade Moroccan Bank, the Bank of Morocco and the Bank of Commerce Wafa, all three have filed for an authorization. The Foreign Trade Moroccan Bank focuses on expanding its activities through large networks of agencies in the three Maghreb countries in association with other banks such as French Industry and Commerce Credit, Société Générale and Paris National Bank (BNP-Paribas). Five Canadian Groups decided to open subsidiaries in Algeria in an attempt to expand their investment activities in Algeria. Canadian Rig Electricité, one of the companies of the Canadian Groups, will provide Sonatrach with prospecting mechanisms. Stream Flow Group decided to create units specialised in oil equipments maintenance and repairing, whereas Magest Incorporation set up projects for the production of construction materials in Algeria. Prudent Canadian Group decided to deal with risks management in the insurance sector in Algeria. | ||||||||||||||||||
1rst Moroccan Bank in Algeria