The Algerian newspapers reported last week the immediate response of FRANSABANK El Djazaïr to the Algerian Central Bank’s decision of December 2008, which states that all banks operating in Algeria should raise their share capital by the end of the year 2009.
Newspapers praised as well the distinguished presence of FRANSABANK El Djazaïr in the Algerian market since the year 2006 and its immediate implementation of the resolutions of the Central Bank. Newspapers also revealed the Algerian Regulatory Authorities’ gratitude of the full involvement of FRANSABANK El Djazaïr in the Algerian market.
On this occasion, H.E. Chairman Adnan Kassar stated: "We value our relationship with the Algerian financial, banking and monetary authorities that are characterized by a high level of professionalism and commitment to the development of the local banking industry according to the international standards.
Kassar added: “We are satisfied with what FRANSABANK El Djazaïr has achieved so far in concern of strengthening its position in the Algerian banking sector. This sector comprises a total of 20 banks; out of which six belong to the government and 14 are private banks. The latter as well includes five European, one American and four Arab banks. It is noteworthy that FRANSABANK is the only Lebanese bank to obtain a license from the Algerian financial authorities to practice its operations in the Algerian market through FRANSABANK El Djazaïr”.
Kassar concluded: “We increased the capital of FRANSABANK El Djazaïr by more than a double and a half (from USD 40 million to USD 140 million) to emphasize the importance we attribute to our presence in Algeria, and to reveal our full commitment to improving our role in the growth and development of the Algerian economy be it through our expansion strategy, increasing and developing our activities, or by expanding our geographical deployment in the Algerian banking market.”