Algeria News & Events, Latest News for Algeria

Update: Monday, 14 April 2008    

Banco National Del Lavoro and Dutch Bank enter Algeria

First Italian and German banking subsidiaries
Saturday Mar 24 2007.

German Dutch Bank and the Italian National Bank ”Banco National Del Lavoro”, BNL, which is currently a subsidiary of the National Bank of Paris BNP Paribas, are to be among the list of foreign banks that are beginning their activity within this year after their subsidiaries have obtained the authorization to work in Algeria.

According to banking sources, the Italian Bank which is the sixth bank in Italy and the first one to enter the Algerian market. The bank‘s decision to enter the Algerian market reflects the expansion strategy adopted by the National Bank of Paris BNP Paribas to enlarge is activities through its bank’s network besides its subsidiary Cetelem specialized in loans, and Cardif in insurance.

Moreover, BNP Paribas has succeeded to buy the National Bank of Italy “Banco National” within March 2007 according to an integration agreement allowing the French Bank to expand its networks in a number of Countries’ capitals such as New York, Madrid, Hong Kong, besides obtaining the lese loans’ assets “Locavit” and “Banco National Del Lavoro” that BNP Paribas owns 98.63 % of it, taking into account that the integration operation would be adopted by the Italian Parliamentary before the end of 2008 keeping the Italian bank’s head office that had been established in 1913, always in Rome.

In parallel, Dutch Bank is to enter the Maghreb market through one of its subsidiaries after it had announced to enter the Tunisian market, the German bank is planning to be located in Algeria in order to undertake strategic investments, and thus Dutch bank would be the first German bank to enter the Algerian market.

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