First Egyptian Investment Bank Established in Algeria

Published May 27th, 2000 - 02:00 GMT

The Egyptian United Eastern Company for investment received initial consent from the Algerian currency council, equivalent to the central bank, for establishing a comprehensive bank named I.F.G Hermes Algeria, reported Friday. 

Quoting an Egyptian official, the agency said that the “bank's fund is 8 million dollars and the Egyptian bank is considered the first to be wholly established outside Egypt.” 

A statement issued by the Algerian currency council said, “the new bank will focus completely on investment activities in Algeria.” – 


© 2000 Al Bawaba (

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