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Ci dessous, un article du Finantial Times du 31/1 qui rappelle que l'Algérie s'est engagée à poursuivre la réforme financière. Il revient notamment sur le report de la privatisation du Crédit populaire d'Algérie et sur les potentalités du marché algérien.
Algeria vows to continue finance sector reform
Algeria insists it will move ahead with reforms to the financial sector in spite of the postponement of the first sale of a state bank, a key privatisation that would have gone some way to convincing doubters that the government was serious about change.
The Algiers government has gradually implemented changes to the banking sector. It has opened up to foreign groups, which make up all 17 of the private-sector banks, introduced modern payment systems and begun to restructure the six public sector banks, which account for about 90 per cent of the sector in terms of assets and loans.
But a critical step in the process was to be the sale of 51 per cent of Crédit Populaire d'Algérie. It would have been the first state bank to be privatised, delivering a message in a nation struggling to shake off its socialist past and convincing doubters that Algiers is serious about reform.
However, the subprime crisis and its impact on international groups forced the drawn-out sale, expected to raise about $1.5bn (EU1bn, £754m), to be put on hold, government officials say.
In late November the government should have been receiving bids for CPA. But Citigroup (NYSE:C), one of several foreign banks originally short-listed, declared it could no longer participate after the resignation of the group's CEO, Chuck Prince. Citigroup had viewed CPA, with 140 branches, as a "good fit" to expand into the retail market, says Kamel Driss, managing director at the US bank.
With Crédit Agricole of France requesting its presentation be delayed, plus the earlier withdrawal of Banco Santander of Spain, the government was left with a shortlist of three French banks.
"With just three banks we felt the competition was false so we decided to postpone the privatisation," Fatiha Mentouri, minister for financial reform, told the Financial Times. "Those who were blaming us can now see that we were right after the situation with Société Générale."
SocGen, reeling from huge losses and alleged fraud from a rogue trader, was on the short-list.
Mrs Mentouri said the sale of CPA would resume "when we see things are clear and the uncertainty is removed", and insisted reforms would continue. The government was preparing to begin the process of selling a 30 per cent stake in the smallest state-owned bank, Banque Développement Local, which had specialised in financing smaller companies, she added.
With CPA, the government insisted bidders had a capital requirement of at least EU3bn ($4.4bn, £2.2bn) and at least 400 branches in their home markets to restrict the offer to large institutions. However, with BDL it was seeking a regional group with experience of small and medium-sized enterprises, hence the decision to move forward on that sale, Mrs Mentouri said.
International groups still appear keen to enter a market that is hugely under-banked, with just one branch per 26,000 people and where debit cards and automatic teller machines are only beginning to appear.
Bankers say significant potential exists in the hydrocarbons-rich nation, which has reduced its debt and built up foreign reserves of $110bn, even if the non-hydrocarbons economy and private sector are severely underdeveloped.
"There are scores [of groups] which are applying because they see very large potential in a country where you have the economic fundamentals," says Lachemi Siagh, managing director at Strategica. "In 2010 we project foreign exchange reserves at $150bn, while foreign debt is less than 5 per cent of GDP."
Last May Deutsche Bank acquired a 51 per cent in Strategica, an Algerian investment house. The group is applying for a licence and will have the option for the remaining 49 per cent of the Algerian entity.
HSBC, which received authorisation last year, hopes to open its first branch in May to target large international and domestic corporations.
The group has already agreed a partnership with Banque Extérieure d'Algérie, the largest state bank, which services the accounts of Sonatrach, the state oil company. BEA will be the key financier of the government's multi-billion dollar plans to develop petrochemicals and other downstream industries.
The agreement gives HSBC the right of first refusal to provide management and advisory services to the project financing, giving it access to the hydrocarbons sector.
SocGen and BNP Paribas are already active in the retail market. But complaints persist about the general pace of reform.
"You have those who are conservative and whatever change you bring they consider it very fast and fraught with risks," says Mr Siagh. But for those who "wanted to see things happen very quickly to bring the country up to what is happening elsewhere, for them the change is very slow".
source : FT
Algeria vows to continue finance sector reform
Algeria insists it will move ahead with reforms to the financial sector in spite of the postponement of the first sale of a state bank, a key privatisation that would have gone some way to convincing doubters that the government was serious about change.
The Algiers government has gradually implemented changes to the banking sector. It has opened up to foreign groups, which make up all 17 of the private-sector banks, introduced modern payment systems and begun to restructure the six public sector banks, which account for about 90 per cent of the sector in terms of assets and loans.
But a critical step in the process was to be the sale of 51 per cent of Crédit Populaire d'Algérie. It would have been the first state bank to be privatised, delivering a message in a nation struggling to shake off its socialist past and convincing doubters that Algiers is serious about reform.
However, the subprime crisis and its impact on international groups forced the drawn-out sale, expected to raise about $1.5bn (EU1bn, £754m), to be put on hold, government officials say.
In late November the government should have been receiving bids for CPA. But Citigroup (NYSE:C), one of several foreign banks originally short-listed, declared it could no longer participate after the resignation of the group's CEO, Chuck Prince. Citigroup had viewed CPA, with 140 branches, as a "good fit" to expand into the retail market, says Kamel Driss, managing director at the US bank.
With Crédit Agricole of France requesting its presentation be delayed, plus the earlier withdrawal of Banco Santander of Spain, the government was left with a shortlist of three French banks.
"With just three banks we felt the competition was false so we decided to postpone the privatisation," Fatiha Mentouri, minister for financial reform, told the Financial Times. "Those who were blaming us can now see that we were right after the situation with Société Générale."
SocGen, reeling from huge losses and alleged fraud from a rogue trader, was on the short-list.
Mrs Mentouri said the sale of CPA would resume "when we see things are clear and the uncertainty is removed", and insisted reforms would continue. The government was preparing to begin the process of selling a 30 per cent stake in the smallest state-owned bank, Banque Développement Local, which had specialised in financing smaller companies, she added.
With CPA, the government insisted bidders had a capital requirement of at least EU3bn ($4.4bn, £2.2bn) and at least 400 branches in their home markets to restrict the offer to large institutions. However, with BDL it was seeking a regional group with experience of small and medium-sized enterprises, hence the decision to move forward on that sale, Mrs Mentouri said.
International groups still appear keen to enter a market that is hugely under-banked, with just one branch per 26,000 people and where debit cards and automatic teller machines are only beginning to appear.
Bankers say significant potential exists in the hydrocarbons-rich nation, which has reduced its debt and built up foreign reserves of $110bn, even if the non-hydrocarbons economy and private sector are severely underdeveloped.
"There are scores [of groups] which are applying because they see very large potential in a country where you have the economic fundamentals," says Lachemi Siagh, managing director at Strategica. "In 2010 we project foreign exchange reserves at $150bn, while foreign debt is less than 5 per cent of GDP."
Last May Deutsche Bank acquired a 51 per cent in Strategica, an Algerian investment house. The group is applying for a licence and will have the option for the remaining 49 per cent of the Algerian entity.
HSBC, which received authorisation last year, hopes to open its first branch in May to target large international and domestic corporations.
The group has already agreed a partnership with Banque Extérieure d'Algérie, the largest state bank, which services the accounts of Sonatrach, the state oil company. BEA will be the key financier of the government's multi-billion dollar plans to develop petrochemicals and other downstream industries.
The agreement gives HSBC the right of first refusal to provide management and advisory services to the project financing, giving it access to the hydrocarbons sector.
SocGen and BNP Paribas are already active in the retail market. But complaints persist about the general pace of reform.
"You have those who are conservative and whatever change you bring they consider it very fast and fraught with risks," says Mr Siagh. But for those who "wanted to see things happen very quickly to bring the country up to what is happening elsewhere, for them the change is very slow".
source : FT