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 ArabicNews.com 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.” – Albawaba.com
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