The privatisation of Credit Populaire d’Algerie was expected to be completed by February next year, with bids from banks interested in buying a stake in the bank form the government due to be opened up on 26 November, and completed by the end of the year. However, the Finance Ministry said on 24 November that it “has decided to defer plans for the privatisation of Credit Populaire d’Algerie because of the yet to be evaluated impact of the international mortgage crisis.”
The privatisation will involve the sale of 51 per cent of the government’s 100 per cent stake in the bank, which has a market share of 12 per cent. Banks including Societe Generale, BNP Paribas, Credit Agricole, HSBC, Banco de Santander and Citigroup have been linked to sale.