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Arab Banking Corporation Annual Report 2006 Arab Banking Corporation - Algeria Contents Board of Directors Bank Committees Organization Chart of ABC Algeria 6 Chairman’s statement 8 Chief Executive Officer’s report 9 ABC Algeria Board of Directors 0 External Auditors Report 006 Trading commentary Financial Review 6 Financial Statements as at //006 0 Financial Indicators Notes to Financial Statements ABC - Algeria Directory Group Directory and contact Annual Report 2006 ABC Algeria Our goals : • To leverage ABC’s international network for the benefit of our customers • To provide high quality, personalised banking services to both our public and private sector customers • To develop innovative services for our customers, such as ‘Perlon’, our customised personal loan service ; the Savings Passbook ; and ATM services as well as reviving and upgrading popular service products, such as safe hiring and AFS cards • To advise and assist customers in building their investment portfolios and provide financing, where necessary • To offer comprehensive support for our customers’ foreign tradeoperations • To help nurture Algeria’s burgeoning small and medium-sized enterprises (SMES), helping both employment and wealth creation • To build ABC Bank into the country’s leading financial institution Annual Report 2006 ABC Algeria Board of Directors ABC Bank’s Board of Directors comprises seven members, elected by the bank’s shareholders. In 006, the composition of the Board changed. Mr. Souheil BADRO took over the role of President of the Board, replacing Mr. Nour François NAHAWI who resigned in November 006. Mr. BADRO represents the bank’s main shareholder, ABC (BSC). Mr. Badro has over 30 years experience in the banking sector. He began his professional career at Crédit Libanais. He later became Vice President of Manufacturers Hanover Trust, working in New York, Paris and Bahrain. Mr. Badro then joined Chemical Bank in Bahrain and two years later became vice President and Head of Financial Institutions at Chase Manhattan Bank in Manama. In September 1998, he joined Société Générale, as Chief Executive Officer, where he built up the bank’s Middle East and North African franchise out of its Dubai office. He joined ABC in September 2006. Mr. Badro holds an MBA in finance from the American University in Washington DC, and an MSc in economics from the University Saint-Joseph, Beirut. M.Souheil BADRO President : SVP Head of Arab World Division - Arab Banking Corporation (BSC) - Bahrain Mr. Saddek Omar El-Kaber has held several executive positions in a number of institutions, including Arab Financial Services, Bahrain, UMMA Bank, Lebanon, and the Union of Western Arab Banks, Tunisia. He joined ABC Group in 2003, as Resident Country Manager & General Manager at ABC Tunis. He also holds an MSc in Public Accounting from the University of Hartford, Connecticut, USA. M.Saddek Omar EL KABER Vice President : Resident Country Manager & General Manager ABC-Tunis Mr. Zenaty has over 17 years of broad ranging experience as an international banker, having worked in diverse fields such as correspondent banking, corporate banking, loan syndications, swaps, risk management and credit analysis. He holds a BA, majoring in Business Administration and International Finance, awarded by the United States International University. M.Usama ZENATY Member : Representative & Head of Iberian Marketing ABC International Bank plc -Madrid Annual Report 2006 ABC Algeria Mr. Bengharsa has worked for the ABC Group for more than 20 years. He joined ABC N.Y. in 1985. He was a Credit Analyst and then moved to the Correspondent Banking/Financial Institutions Department covering North Africa. In 1989, he was appointed to head ABC International Bank’s Paris branch Correspondent Banking/F.I.s Department. In February 1998, he moved to Milan as Deputy General Manager and is now also Head of Financial Institutions & Corporates North Africa & Levant. Mr. Bengharsa studied at the University of California, and also graduated in Business Administration Sciences at the University of Pepperdine, in Malibu. M.Sami BENGHARSA Member : Assistant Director General - ABC International Bank plc - Milan Holder of a Masters degree in Banking and Finance in addition to a diploma awarded by the Arab Academy for Banking and Financial Sciences, Jordan, Mr. Didi joined The Arab Investment Company (TAIC) in 1988, where he holds the position of Director in charge of projects. M.Mohamed El Amine DIDI Member : Director of projects TAIC (The Arab Investment Company) Riyadh, Kingdom of Saudi Arabia. Mr. Hannachi holds a diploma in International Relations, awarded by the University of Rome La-Sapienza and a Masters in International Business, awarded by the University of Paris I Pantheon- Sorbonne. He joined ABC International Bank plc, Paris, in 2000, and is currently Head of Financial Institutions & Country Coordination Manager. M.Fehmi HANNACHI Member : Manager, Financial Institutions ABC International Bank plc – Paris. A graduate in Financial Sciences by the University of Algiers, Mr. Kassali holds a diploma awarded by the International Institute for Public Administration (Paris) and a diploma awarded by the Institute of International Financial Services (Montreal). He has been the Chairman of the Algerian Company of Insurance (CAAR) since 2005. M.Brahim KASSALI Member : President General Manager CAAR (Algerian Company of Insurance and Reinsurance), Algeria. Annual Report 2006 ABC Algeria The Bank’s key committees Subsidiairy Board Risk Committee ( S B R C) This committee oversees the Bank’s credit activities and any ad-hoc risk assessments required by the Board of Directors. President : M. Souheil BADRO Chairman of the Board of Directors Members : M. Riyad AL DUGHAITHER Chief Credit and Risk Officer ABC (BSC) M. Sami BENGHARSA Member of the Board of Directors M. Brahim Djamel KASSALI Member of the Board of Directors The Audit Committee The Audit Committee is directly responsible to the Board of Directors. Its main role is to oversee and assess all the bank’s day to day activities. President : M. Usama ZENATY Member of the Board of Directors Members : M. Mohamed El Amine DIDI Member of the Board of Directors M. Fehmi HANNACHI Member of the Board of Directors The Committee of Compensation The Compensation Committee reports directly to the Board of Directors. It is responsible for setting and analysing employee remuneration and/or compensation, to ensure compliance with market norms and to oversee staff efficiency and productivity, as well as setting the bank’s corporate culture. President : M. Saddek Omar EL KABER Member of the Board of Directors Members : M. Usama ZENATY Member of the Board of Directors M. Fehmi HANNACHI Member of the Board of Directors M. Brahim Djamel KASSALI Member of the Board of Directors The Corporate Governance Committee This committee’s main task is to monitor and ensure that both the Board of Directors and the General Management of the Bank, comply with accepted international standards of corporate governance and good practice across all the bank’s business activities, and to protect and interests of both depositors and shareholders in the Bank. President : M. Sami BENGHERSA Member of the Board of Directors Members : M. Usama ZENATY Member of the Board of Directors M. Fehmi HANNACHI Member of the Board of Directors The General Management M. Reidha SLIMANE TALEB Chief Executive Officer M. Ghassan Wadih HAIKAL Deputy Chief Executive Officer Annual Report 2006 ABC Algeria Organization Chart of Arab Banking Corporation Algeria Board of Directors SBRC Committee Committee Corporate Governance Compensation Committee Audit Committee Internal Audit Chief Executive Central Credit Committee Officer Remedial Committee Technology Committee Deputy Chief Executive Officer Assets & Liabilities Committee Organization & Procedures Human Resources Committee Internal Control Organization & Procedures Committee Legal Support H.R & Administration Financial Operations Technology Banking Treasury Retail Banking Commercial Banking Correspondent Banking Credit Credit Analysis Credit Administration Remedial Annual Report 2006 ABC Algeria 6 Chairman’s Statement M.Souheil BADRO Chairman of the Board, ABC Bank I am delighted to announce that the Bank realised an operating profit of 86 Million DZD in 006, reflecting an increase of 6% over the Bank’s profit of 88 Million DZD in 00. I am delighted to announce that the Bank realised an the average price of a barrel was about 6.8 US$. operating profit of Million US$(86 Million DZD) in Revenues from oil and hydrocarbons increased from 006, reflecting an increase of 6% on the Bank’s profit .9 Billion US$ in 00, to . Billion US$ in 006 ; of 88 Million DZD in 00. an increase of over 7%. However, the net profit for the year was affected This positive trend has allowed the Algerian economy by a legal case in an amount of .90 Million DZD. and mainly its banking sector to thrive during this This amount was fully provisioned in the Bank’s 006 financial year. The banking sector which has already Financial Statements, which resulted in a loss of 60 been opened to private investors, is the most sought Million DZD for the year. after amongst foreign banks wishing to establish branches or acquiring existing banks in Algeria. Currently, Economic Review more than private banks operate in the country (ABC Algeria being the first private bank to open in 998), The Algerian economy continues to record impressive with a network of 90 branches. In addition, 0 other macro economic performance in 006
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