Algerian Public Banks Set to Expand Across Africa, Europe, and Asia
After successfully establishing two banks in Senegal and Mauritania in September 2023, Algeria's main public banks are now planning to expand further across other countries in Africa, Europe, and Asia. The goal is to support local economic operators and capture a share of diaspora remittances.
In this perspective, Algeria is preparing to open a bank in China to promote its exports to this Asian market.
Meanwhile, the Algerian subsidiary in France, which recently obtained approval from French monetary authorities, is expected to open its doors this year. After obtaining the necessary authorizations from the European Central Bank (ECB), it plans to open five branches in French cities with a significant Algerian community.