Algerian banking market, HSBC wants to cast a wide net.   Leave a comment

HSBC Algeria – It was decided to forward the opening of a dozen local agencies clustered around regional hubs of Oran, Setif and Hassi Messaoud.

Allowed to activate in Algeria as a branch of HSBC France and a year later as HSBC Middle East, the bank in the network of the largest global banking group started up in Algeria on top speed.

With benefit of a local market under banked but in the process of modernization, its leaders have immediately understood the need to especially focus on the techniques and tools for processing banking transactions with the most modern and efficient. That is why they have not hesitated to settle permanently in Algeria by accepting the draconian conditions of capitalization, the unfavorable business environment and intense competition.

Backed by the powerful banking group present in no fewer than 87 countries and its own skills carefully recruited and trained, the branch HSBC Middle East is quick to master what is best in this field and to benefit its customers constituted mostly of multinational clients in the group (about sixty) and larger SMEs purely Algerian or in partnership with foreign companies. It also supports many trading companies (about 1 billion dinars), and production companies (3 billion dinars), attracted by the seriousness, but above all, by the speed of the bank capable of opening of Credoc in, barely 24 hours based on a sprawling network of banks, operating in virtually every country in the world.

HSBC Middle East is also contributing to the development of the industrial potential of Algeria in participating in the financing of investment projects, like, plant pharmaceuticals and consumer goods for which it has invested about 35 million. The affairs of the branch are now so well, it was decided to forward the opening of a dozen local agencies clustered around regional hubs of Oran, Setif and Hassi Messaoud, to the achievement of which HSBC has already committed to the spirit with the desire to expand the range of financial products and banking may be offered a range of potential customers. 140 employees today the number of the branch is expected to reach 350 employees by 2014.

This is, in fact, cast a wide net to acquire these customers increasingly large in search of new financial and banking products that can better advance their business and offer them the opportunity to place their assets at attractive rates Thus the branch has been working for some development of new computer applications (Ibanking), the establishment of a futures exchange market and the collection of resources on savings of employees of client companies and other individuals that HSBC plans to offer interest rates very incentives. By operating in the high-end, the branch hopes to attract them to the many owners of capital in search of personalized care and quality that is completely lacking in Algeria.

There is a lot of money we collect said General Manager of the branch, Mr. Rachid Sekkaki, which has granted a special interest in this market segment. It’s a metamorphosis that are about to perform in the next 12 months the leaders of HSBC Middle East to raise their branch to meet the challenges of a country with very strong economic and financial potential, but waiting for modern banks and efficient manner to support the most rational development.?

source: Elwatan (Nordine Grim)

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Posted July 9, 2011 by newworldconsulting in Uncategorized

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