Portuguese bank Banco Espirito Santo has teamed up with the Bank
of Algeria and Swicorp, an investment fund, to set up a leasing
company in Algeria.

The leasing company, IJAR Leasing Algérie, will be initially
capitalised with DZD3.5 billion (€33 million), of which Banco
Espirito Santo, the parent of Portuguese lessor BES Leasing, will
contribute 35 percent; the Bank of Algeria, 59 percent; and
Swicorp, 6 percent.

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As well as capital investment, Banco Espirito Santo will share
its leasing expertise. In Portugal, BES Leasing is the second
largest lessor by portfolio.

The African Development Bank has also agreed part-finance the
leasing training of the Bank of Algeria’s staff, said Mohamed
Loukal, IJAR Leasing Algérie’s managing director.

Jason T Hesse

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