Deutsche Bank enters Algerian market

14th June 2007
By Julia Chan

Deutsche Bank has extended its footprint to Algeria through a partnership with Strategica, an Algerian financial advisory firm, in which the German bank has acquired a 51% stake. In addition, Deutsche Bank has established an Algerian subsidiary, Deutsche Securities Algeria, which will apply for the necessary licenses for its development program.

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Commenting on the announcement, Caio Koch-Weser, vice chairman of Deutsche Bank, said: "The controlled transformations and dynamism of the Algerian economy over recent years, in particular the vast reform of the financial sector that has been successfully carried out, has convinced Deutsche Bank of the need to commit itself for the long term in Algeria. Deutsche Bank has received a very positive welcome over the past year from the different Algerian authorities, notably the Banque d'Algerie, the Ministry of Finance, the minister in charge of the financial reform and the treasury department."

Deutsche Bank and Strategica have already worked together on a number of different projects in recent years and have developed a close partnership. Both companies have agreed to merge the advisory teams and business of Strategica into Deutsche Bank.

Algiers, the country's capital city, will become the center of Deutsche Bank's business for all of the Maghreb region, creating an international investment bank and market house to develop a platform offering all the financial services of an investment bank that will be authorized by the banking and stock market supervisory authorities.

Henry Azzam, CEO of Deutsche Bank in the Middle East and North Africa, said: "The setting up of Deutsche Bank in Algiers is a natural development of this growth strategy in the Middle East and in North Africa."

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