VOL. XLV

No 38

23-September-2002

ALGERIA

Algeria Issues Banking License To United Gulf Bank

The Central Bank of Algeria has issued a license to the Bahrain offshore bank, United Gulf Bank(UGB), to open a commercial bank in Algeria, the UGB managing director Mas'ud Jawharhayat has announced.UGB is majority owned by Kuwait Projects Holding Company. Tunis InternationalBank and Jordan Kuwait Bank, both affiliated to Kuwait Projects HoldingCompany, are also involved in setting up the new entity. UGB...