With $22 million, Arab Bank strengthens presence in Morocco and Algeria

The Arab Bank will carry out a plan to extend its activities in Morocco after it bought shares in the Moroccan Popular Bank.

The director of the Arab Bank in Morocco, Abdel Meguid Shoman, stated that the bank had decided to increase its capital to $22 million and increase the number of its branches to 20 in the different areas.

Shoman stated that the Arab Bank intends to have a powerful presence in Algeria and increase its branches in Tunisia. He said that a delegation from the bank's branch in Paris visited Algeria. The delegation discussed a number of issues with the Algerian officials and found great welcoming from the Algerian side. The bank is studying the potential market in Algeria, and did not make any decisions despite Algerian requests. He ruled out the existence of a unified plan that includes the North African countries at the present time.

The director of the Arab Bank stated that the bank is going to participate with $50 million through its European branches to finance Al Garf Al Asfar project to set up two power stations in Morocco.

The director of the Arab Bank branch in Morocco, Dr. Salah Al Din Haroun, said that the bank is the most profitable foreign bank in Morocco and that it has about 43% of the total savings in foreign currencies. He also added that the branches of the bank in Morocco will increase their capital to $22 million and increase the number of its branches to 20.