Riyadh-based Swicorp said it has partnered with Banque Extérieure d’Algérie (BEA), Algeria’s largest bank, and Banco Espirito Santo (BES), Portugal's third largest bank, to set up a new leasing company with head quarters in capital Algiers.

Swicorp is a leading corporate finance advisory, private equity and principal investment firm with a specific regional focus on the Middle East and North Africa region.

The new firm, Ijar Leasing Algérie (Ijar), will be the third leasing company in Algeria, one of the most promising markets in the region, Swicorp said in a statement.

Ijar will have an initial share capital of DZD3.5 billion ($47.6 million) with BEA holding
59 per cent, Banco Espirito Santo 35 per cent and Swicorp 6 per cent, it stated.

The company will assist Algerian corporations with their financing needs with a diversified offering of leasing services, from industrial equipment and commercial vehicles to professional real estate, it added.

The binding shareholder agreement was officially signed by Nabil Triki, a managing director at Swicorp, Mohamed Loukal, BEA chief executive officer and Antonio Souto, BES board member in the presence of Hadji Baba Ammi, Algeria’s Treasurer.

Triki said the creation of Ijar comes after a thorough analysis of the Algerian leasing market and several months of discussion with our partners.

'We are honoured to be part of the founding shareholders of Ijar alongside prestigious institutions such as BEA and BES, and we are confident that our company will be among the market leaders. This investment also underlines Swicorp’s strategic interest in the Algerian market in general,' he added.-TradeArabia News Service