Four Algerian banks Secure Approval to Establish Subsidiaries in Senegal and Mauritania

Banks. Mauritania

Algeria is set to make its banking industry international for the first time, as announced by Finance Minister Laaziz Faid. The newly named banks include Banque extérieure d’Algérie International, Algerian Union Bank, and Algerian Bank of Senegal.

This move marks Algeria’s entry into the Sub-Saharan African market, a significant step taken 22 years after Moroccan banking enterprises, such as the Attijariwafa group, established strong footholds in the region, contributing 25% of their revenue.

Historical commercial partners Mauritania and Algeria have recently demonstrated a desire to expand bilateral exchanges through road, sea, and air connectivity projects. During a two-day official visit in April, Algerian Foreign Minister Ahmed Attaf met with his Mauritanian colleague, Mohamed Salem Ould Merzoug, in the capital, Nouakchott.

The discussions centered on bilateral relations, regional challenges, and current events in the Sahel and Sahara areas. The ministers also discussed collaborative initiatives, such as the development of a motorway connecting the mining districts of Tindouf in Algeria and Zouerat in Mauritania. A protocol agreement on political discussions was signed in order to build a long-term mechanism for improving the two nations’ political ties. 

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Onur Yilmaz

Onur Yilmaz

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