Al Baraka unit set to open Algiers HQ
Manama, June 30, 2011
Al Baraka Bank Algeria, a subsidiary unit of Bahrain-based Al Baraka Banking Group, has signed contracts for the establishment of the bank's headquarters in the Algerian capital Algiers.
The contracts were signed in Istanbul, Turkey, in the presence of the bank's chairman and board, a number of executives and Aslan Turkey Company director general Mustafa Cihad Arsalan. The company will construct the Al Baraka Bank Algeria Tower.
"We always look forward to achieving excellence in all markets in which we operate and meet the needs of our customers by providing superior services to them in a comfortable and modern work environment," Al Baraka Bank Algeria chairman and Al Baraka Banking Group president and chief executive Adnan Ahmed Yousif said.
"Our insisting on implementing this main project headquarters at this time confirms our confidence in the considerable capacities and resources of Al Baraka Bank Algeria and the group, which should entitle them to continue the growth and consistent high profitability.”
"This project comes within the framework of our efforts towards the provision of best banking services to our customers in Algeria, stressing the group's determination to move forward in strengthening its presence in the Algerian market and to contribute positively to the development of the Algerian economy," he added.
"The new headquarters building is designed to meet the present and future needs of the bank, and the selection of the location of this new building comes from our belief in the importance of this zone as a financial and banking centre," Al Baraka Bank Algeria general manager Mohammed Seddik Hafid said.
"The building is designed with the latest architecture model, supporting the requirements and expectations of future success,'' he added.
The new building is located at the business centre, and comprises 16 floors. The land area totals 17,470 sq m and contains offices designed in a modern style, halls for lectures, meeting rooms, as well as parking spaces and other services. – TradeArabia News Service
More Finance & Capital Market Stories
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'
- RAK 'exploring' ceramics unit stake sale
- Bahrain Bourse wins key UK award
- Alba backs Euromoney forum
- URC bond rating upgraded to stable outlook
- GCC urged to set up onshore financial centres
- Consolidation push paying off for Bahrain banks
- Mubadala to focus more on US, Europe
- Six banks join plan for shared customer data register
- UAE economy grows 4pc in 2013
- Egypt foreign reserves up to $17.3bn
- StanChart opens second branch in Iraq
- Oil below $90 to hit GCC economies
- Payfort offers zero deposit scheme to SMEs
- In a first, NCB Capital names female CEO