During the debate on the draft monetary and banking law, Finance Minister Abdelaziz Faïd announced on Tuesday, April 4, that the first Algerian banks abroad will be opened before next June in France, Mauritania and Senegal.

The Foreign Bank of Algeria (BEA) is preparing to open its subsidiary in France, as well as the two planned banks in Mauritania and Senegal. According to the Minister of Finance, the creation of these banks is led by a consortium of four public banks (BNA, Badr, BEA and CPA) as leaders. According to him, the BEA has taken the first steps to obtain approval at the level of the International Bureau and it should obtain it this semester. He specified that the first agency would be created at the level of the former Consulate General in Paris.

According to Faïd, the director of the planned bank in Senegal, submitted the approval application last January and the launch of the bank's activities is expected before next June. As for the Bank of Mauritania, it is a bank in the name of the Algerian Union Bank whose accreditation application was submitted last March. For the minister, “the establishment will begin its activities no later than next September.”