16/05/2006
A tender invitation for privatisation of Popular Credit of Algeria (CPA) will be launched in September, APS quoted a bank official as saying Monday (15 May) on the sidelines of an international finance forum in Algiers. With 120 branches and 4,200 employees, the institution is Algeria's third largest state-owned bank.
Recently, the government announced that the bank purchasing CPA would be allowed 51 per cent ownership, representing a change from the previous maximum of 49 per cent foreign ownership.
Despite opening up 15 private banks in the last ten years, the Algeria banking sector is characterised by the predominant position of public banks, which account for 93 per cent of financing in the economy and 100 per cent of public company financing. (APS, El Moudjahid)