HSBC adds Algeria to list of emerging markets operations

HSBC confirmed it has opened a full-service bank in Algeria. Operating under the name HSBC Algeria, the Group commenced banking operations on 3 August with the launch of a brand-new branch and head-office building in the heart of the capital Algiers.

With an initial staff of 70, mostly locally employed Algerian banking professionals, HSBC Algeria offers a full range of commercial and corporate products as well as selected services to individual clients.

Algeria is one of the most dynamic economies in Africa. Real GDP growth was over 4.5 per cent in 2007 and is expected to reach five per cent this year thanks to increasing production of hydrocarbons as well as foreign exchange reserves which exceed US$120bn. The population numbers nearly thirty five million.

Rachid Sekak, CEO, HSBC Algeria, said: “Over the last decade, Algeria has successfully implemented large-scale economic reforms and its recent macro-economic performance is very encouraging. We believe that Algeria offers some of the best growth opportunities in the region.”

He continued: “HSBC, with its network in 85 countries and territories, is uniquely placed to offer the international products and services that many Algerian’s desire, coupled with local expertise.”