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FRANSABANK Group announced the opening and the launch of the operations of FRANSABANK El Djazaїr. This was achieved after the Bank’s acquired all the needed licenses. This allowed FRANSABANK to become the first Lebanese Bank that enters the Algerian market and attains a license, after the issuance of the Algerian decree that required the increase of banks’ capital to DZD 2.5 billion (approximately USD 35 million). The opening ceremony of the new Bank was announced in a press conference, that was chaired by Mr. Nadim Kassar, Chairman of FRANSABANK El Djazaїr, and was as well attended by the Chairman of FRANSABANK Group Mr. Adnan Kassar, Deputy Chairman of the Group Mr. Adel Kassar, General Manager of the Fransabank El Djazair Mr. Joe Dakkak along other senior staff from the Group. The Bank will provide all the financial services including medium to long–term loans target to industrial and other productive sectors, letters of credit for imports and international trade financing through the Bank’s correspondent network. This is in addition to consumer loans, car loans and housing loans. Moreover, the Bank offers ATM’s services, credit cards, prepaid cards, bill domiciliation services (phone, electricity, etc.), discounted bills, overdrafts and other financing services. A cocktail reception attended by Algerian and Lebanese businessmen, bankers and other personalities was held celebrating the inauguration of FRANSABANK El Djazaїr.
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