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Update: Monday, 14 April 2008    

BNP Paribas’s negotiation on Algeria Popular Credit (CPA) purchase

BDL, 2nd bank to be privatized by 2007
Thursday Oct 26 2006.

The French banking group BNP Paribas External emerging markets division’s manager Jean Jack Santini unveiled that the bank is running negotiations at present to buy Algeria Popular Credit (CPA) after the finance ministry announced an international bid to sell a share of CPA assets.

The French bank is planning to extend its braches network in North Africa and Turkey to reach 650 branches which is to be the largest extension operation of a European bank in the region, according to Mr Santini statements.

In this regard a 51% share of CPA assets is laid by finance ministry for privatization in the framework of a large programme likely to be extended if this first step targeting an Algerian banking system renowned of bureaucracy and slowness is to succeed, according to Mr. Hadj Baba Ami, public finance department manager, who said that the capital opening of other banks depends on CPA privatization success.

Noteworthy that finance ministry is to unveil the international bid results next February according to the delegate minister in charge of financial reforms Mr. Karim Djoudi statements to El Khabar; to recall, state-owned banks capital opening operation started in 2004 and the Local Development Bank (BDL) will be the second one to be privatized after the CPA.

Djalel Bouati

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