External Bank of Algeria raises capital to DZD230 billion

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ALGIERS- The External Bank of Algeria (BEA) has increased its share capital from DZD150 billion to DZD230 billion, said the public bank in a statement.

This capital increase, proposed by the BEA Board of Directors and endorsed by the Council for Money and Credit, “is part of a development strategy aimed, in particular, at an international redeployment prospect of opening a bank in France, on the one hand, and the increase in funding shares internally, on the other hand “.

The bank’s management believes that “this operation will increase the capacity to respond to very important future events related to the financing of the national economy’s credit, especially the structuring projects, and will offer the possibility of continuing growth through targeted acquisitions. ”

The financial statements for the 2017 financial year, approved by the BEA General Assembly in June 2018, indicate that the net profit amounted to more than 57 billion AD and a total balance sheet of 3.122 billion AD.

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