Algeria News & Events, Latest News for Algeria

Update: Tuesday, 6 January 2009    

CPA bank to be privatized before July

Reforms Minister to al-Khabar
Sunday Mar 04 2007.

Algerian Popular Credit Bank will be privatized (CPA) before the end of this year’s first term, according to the Minister in charge of Reforms at Finance Ministry, Mr Karim Djoudi.

The banks that have successfully passed first eliminatory rounds -including international banks- are allowed now to get information on CPA (investments, debts and loans), says the minister in a statement to al-Khabar. Asked about shares of other State-owned banks’ capitals to be sold -especially as it is said that Local Development Bank (BDL) and National Bank of Algeria (BNA) are to be privatized-, Mr Djoudi replied that “it is out of question at present”.

Six foreign banks have succeeded to pass first eliminatory rounds so far, the minister discloses. The concerned winners are an American, a German, a Spanish and three French banks. They have proceeded to consider all the data related to Algerian Popular Credit Bank. It is a step of paramount significance, he says, for if successful, it would be an unprecedented stride in the financial system of Algeria.

It should be mentioned that Public authorities have launched an invitation to tender for selling a part of Algerian Popular Credit, in October 2006. CPA has got 125 branch offices across the country.

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