Funr (FUNR)

[SharonB]

Due diligence on Algeria's CPA bank to start on May 21st
10/05/2007

The six banks shortlisted for the next round of tenders for the privatisation of Credit Populaire d'Algerie (CPA) will be allowed to begin due diligence on the bank on May 21st, Algeria's Minister-delegate for Financial Reform Karim Djoudi announced Wednesday (May 9th). The process is expected to wrap up by the end of June to allow potential investors to submit bids in July. BNP Paribas (France), Citibank (US), Credit Agricole (France), Natexis-Banque Populaire (France), Santander (Spain) and Societe Generale (France) are all potential bidders. The deal is part of broader efforts by Algeria to modernize its aging banking sector. Privatisation revenues are projected to reach $1.5 billion when the state sells a 51% stake in the bank.
http://www.magharebia.com/cocoon/awi/xhtml1/en_GB/section/news