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Asimilar interest emerged amongst Spanish banks like Satander, but especially an American interest represented in one most important bank which is City Bank which is working to have 51% of shares of the first Algerian public banks that is being privatised in Algeria and thus taking share in a market which is witnessing a growing number of American companies including companies that are working outside the energy sector. City Bank, represents one of the most important competitor of the French banks that put its whole weight in the competition that will be unveiled before the end of the current year, after the affairs bank Rothschild finished market studies and the definition of all the bank’s characteristics and the preparation of charges’ guide and the waiting of the launch of the international bid from the start of next September, than the selection of the interested banks which count up to 40 banks, 10 of which are French, and others are Italian, Spanish, Arab, Maghreban and American banks, will start. The process of opening of the public bank’s capital represents a big importance for foreign banks including Americans. For example City Bank was for many years looking for chances to have a place in the Algerian market, and through the realisation of such project would give this bank a chance to have a base and a wide net with more than 128 branches throughout the Algerian soil. The Algerian Popular Credits presents several benefits by African standards, because this Algerian bank has 128 branches and 15 exploitation groups, besides more than 1.2 million balance with crude product of more than 12 billions DA and with 4700 employees 30 % of whom are senior employees, and these signals would be taken in consideration from the financial companies and foreign banks in their spreading projects in a country like Algeria where like this projects take years in its spreading. S. Hafid — El-Khabar | ||||||||||||||||||
City Bank wants to take most of CPA’s shares