• Home
• News Article

Maghreb Region Banking Chief Executive Officers, Finance Officials, and Leading European Bankers Conclude Key Meeting in Algeria

Algiers, Algeria, March 18, 2008 -- Leaders of finance from the Maghreb, the Middle East and from Europe and the United States concluded an important meeting here today that highlighted the mounting impact of financial globalization on the region's financial sector. "This has been a successful leadership conference where the major role to be played by the financial sector in encouraging Maghreb's economic potential for growth and for deeper integration with the international economy was widely seen," said Mr. Charles Dallara, Managing Director of the Institute of International Finance (IIF) which organized the conference in partnership with the Banque d'Algérie.

The meeting was opened by Mr. Hadji Babaami, Head of Treasury, Ministry of Finance , on behalf of His Excellency Karim Djoudi, Finance Minister of Algeria, and it featured special remarks by The Honorable Mohammed Laksaci, Governor, Banque d'Algérie. A keynote conference closing address was given by Mr. Mohamed Meziane, Chairman of Sonatrach .

This meeting of leaders of the private sector and the public financial sector is the fourth IIF organized Maghreb conference. It builds on the previous meetings, where senior bankers, policymakers, and executives from Maghreb and from key financial centers exchanged views on critical issues facing the Maghreb region.

Mr. Dallara noted, "The discussions in our meeting highlighted that this is an important moment of transition in the region as it moves to become far more engaged with the international economy and global finance. It was against this background that the dialogue that we have had here in Algiers between the leaders of finance in the Maghreb and partners and experts from the Middle East, Europe and the United States was especially timely. The IIF's global membership and perspectives, as well as our experience in organizing similar meetings in the Maghreb in the past, has enabled us to provide a useful platform to discuss reform positively."

Financial sector reforms in the Maghreb were seen as moving ahead, but speakers at the meeting drew attention to the need for an acceleration of the pace of reform and for greater openness in the sector. A special presentation was made by Mr. Jean-Jacques Santini, Head of International Retail Banking in Emerging Markets and Overseas, BNP Paribas Group , and a panel that assessed the Maghreb's progress in financial development and international financial integration, included Mr. Koceila Maames, Calyon , and Mr. Boubker Jai, Managing Director, Attijariwafa Bank , and Mr. Mohamed Djellab, Chairman and CEO, CPA, Chairman of the Banking Association, Algeria.

A further major topic at the meeting was the challenge of broadening the range of financial services provided to the Maghreb's economy and how to improve the efficiency and effectiveness of financial institutions in meeting customers' needs. Discussion of these topics involved a panel of experts including Dr. Lachemi Siagh, President, Strategica, Groupe d'Ingenierie Financiere, Mr. Michel Duchmann, Managing Director, Calyon Algiers , Mr. Jerome Fileni, Investment Director, MENA Infrastructure Fund, HSBC Dubai, Mr. Freddie Baz, General Manager - Group CFO and Strategy Director, Bank Audi sal, Lebanon, and Mr. Ahmed Abdelkefi, President, Tuninvest .

An important part of the conference was devoted to the issues how to improve institutional quality and governance in the region and to the importance for financial institutions of going through a rating process. The discussion here embraced such diverse topics as improving transparency, lowering funding costs and better managerial performance. Moreover, attention was given to such key corporate governance issues as the quality of financial information, disclosure on shareholders and related parties activities.

Speakers at the meeting on these topics included Mr. Adel Satel, Team Managing Director, Moody's Investor Service, Mr. Thierry de Longuemar, Vice-President, African Development Bank, Mr. Dominique de Guerre, Director, International Advisory Group, Lazard Frères, Mr. Jean-Michel Pailles, Partner, Ernst & Young, Mr. Farid Sedjelmaci, Senior Manager, McKinsey, Mr. Abdelkader Allaoua, Associate Director of Middle East and North Africa Department, IFC, Mr. Kamel Driss, Country Manager and Managing Director, Citigroup International, and Mr. Herve Leclerc of the French Banking Commission.

www.IIF.com

-Ends-

About the Institute Of International Finance (IIF)
The IIF, established in 1982 and headquartered in Washington DC, USA, is the leading global association of financial services firms with more than 370 financial institutions as members. The IIF is a lead convener of major meetings of chief executive officers and chief risk officers, together with finance ministers and central bank officials. the IIF provides high-quality, timely, and impartial analysis and research to its members on emerging markets and other central issues in global finance. It also systematically identifies, analyzes, and shapes regulatory, financial, and economic policy issues of relevance to its members.

The Chairman of the IIF's Board of Directors is Josef Ackermann, Chairman of the Management Board and the Group Executive Committee, Deutsche Bank AG. The First Vice Chairman of the IIF Board is William R. Rhodes, Senior Vice Chairman of Citigroup and Chairman, President and CEO of Citibank.

The IIF has two Vice Chairmen, Robert E. Setúbal, President and CEO of Banco Itaú S.A., and Francisco González, Chairman and CEO of BBVA. The IIF's Treasurer is Marcus Wallenberg, Chairman of the Board of SEB. The Managing Director of the IIF is Mr. Charles Dallara.

© Press Release 2008