HSBC reportedly decided to leave Algeria after 18 years
By the AFREEQUE newsroom, based on Maghreb Emergent
Illustrative image · Franco Monsalvo · Pexels · Licence PexelsBritish bank HSBC has reportedly decided to gradually end the activities of its Algerian branch after more than 18 years in the country, following a strategic review, and has reportedly informed the Algerian authorities. Discussions with customers have begun and the group says it intends to honour its obligations during the transition, according to Zawya and Algerian media outlet Twala.
HSBC Bank Middle East Limited has reportedly begun discussions with its customers in Algeria as part of the gradual closure of its branch, following a strategic review of its activities in the country. The British bank reportedly intends to continue honouring its commitments to its customers, employees, regulatory authorities and other partners during the transition period, according to Zawya, which cites a statement attributed to HSBC Bank Middle East Limited.
The bank is reportedly seeking to concentrate its resources on markets and sectors that, in its view, offer better growth prospects and greater competitive advantages. Measures are to be taken to help customers move to other banks in Algeria over the coming months, Zawya reports.
HSBC operated in Algeria through its HSBC Bank Middle East Limited branch, based in Dubai. Its activities mainly targeted companies, multinationals and institutions, particularly those linked to the state, with international payments, foreign trade financing and financial market services, according to Twala.
The Bank of Algeria granted HSBC its licence on 17 June 2008. Twala recalls that the group had already considered leaving the Algerian market in 2016 as part of a refocusing on markets considered the most profitable.
