Establishing the first Egyptian investment bank in Algeria

One of the Egyptian companies received initial consent from the Algerian currency council (equivalent to the central bank) for establishing a comprehensive bank named I.F.G Hermes Algeria.

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 financial group Hermes said that the Emirate "United Eastern Company" will contribute capital with 40% and that the bank will focus completely on investment activities in Algeria.