un lancement prometteur et un plan de développement ambitieux
Summary of the Algerian Bank of Senegal’s Promising Start and Future Plans
The Algerian Bank of Senegal (ABS Bank) has launched its operations with a promising outlook, focusing on ambitious growth strategies that include the deployment of electronic banking services, boosting revenue, and supporting Algerian exporters. This was highlighted by Abdelhafid Haned, the bank’s Director General.
In his remarks during the African Investment and Trade Forum (AFIC), Haned shared that the first year of operations in 2024 has yielded satisfactory results, marking a successful initiation of client relations and account openings. The bank’s primary aim for 2025 is to expand its electronic banking services significantly and increase its revenue. The positive performance thus far aligns with the goals set by its shareholders, including BNA, BEA, CPA, and BADR. He noted that the bank boasts substantial intervention capabilities supported by a significant capital of $100 million, aiming to enhance profitability in the current fiscal year.
ABS Bank is committed to providing tailored solutions for Algerian businesses looking to invest in Senegal or export to this vital gateway to the West African market. In addition to financial products, the bank offers consultancy services to equip businesses with legal and regulatory knowledge relevant to the Senegalese market, focusing on investment and export opportunities. Haned detailed that since its inception in September 2023, over 500 Algerian entrepreneurs seeking business opportunities in Senegal have reached out to the bank, either for information on financing options or for support.
The bank’s role is pivotal in enhancing economic, financial, and commercial collaboration between Algeria and other African nations, particularly in amplifying trade volumes with Senegal. Haned emphasized the positive reception of the Algerian bank within Senegal’s financial community, noting the increasing interest from Senegalese entrepreneurs in its services. The bank has already established a diverse portfolio of significant Senegalese companies across critical economic sectors like industry and energy.
ABS Bank operates two strategically located branches in Dakar, the capital, where 90% of the financial activity concentrates. Haned described this location strategy as both studied and relevant to the bank’s operational success. When discussing the impact of the presence of two Algerian banks in Senegal and Mauritania, including Algeria Union Bank (AUB), he underscored the complementary roles and synergies between these financial institutions. Together, they aim to bolster intra-African economic cooperation and diversify Algeria’s economy by promoting exports outside the hydrocarbons sector.
In summary, ABS Bank’s strategic approach capitalizes on Senegal’s economic landscape, aiming to foster deeper financial ties between Algeria and other African countries while strengthening support for Algerian businesses in the region.
