French bank to set up in Algeria

The French bank, Societe Generale, has applied to the Algerian authorities for a licence to set up in Algeria.

A spokesman said the bank planned to concentrate on financing foreign trade and on privatization, and on the issue of bonds for companies.

He said the bank hoped to become established in Algeria by the middle of 1998 and then to open a branch in Oran, which is a centre for the petro-chemical industry and the economic capital of western Algeria.

Correspondents say Societe Generale would be one of the first private banks to become established in Algeria, where the banking system is controlled by the state.

From the newsroom of the BBC World Service