Company: HSBC Algeria
Biography: HSBC is poised to be the next foreign bank to be granted a licence to operate in Algeria. It was granted a permit to set up its first branch in May 2007, and expects to receive authorisation to trade in May, with operations due to begin in June.
Rachid Sekak was appointed head of HSBC’s Algeria operations in 2006 and became CEO in 2007. He has a degree in economic sciences from the University of Algiers and an MBA from the US.
After six years as a lecturer in corporate and international finance in Algiers, Sekak spent five years at Banque d’Algerie, where he held posts as adviser to the governor and director of foreign debt.
Before moving to HSBC, he worked at French firms Union de Banques Arabes & Francaises and Credit Industriel & Commercial. Before it established its own office, HSBC was represented in Algeria through British Arab Commercial Bank, in which it has a 46.5 per cent stake.