Qatar General Insurance Increases the Capital of Trust Bank Algeria to DZD 20,000 Million

 

October 23, 2019

 

Qatar General Insurance & Reinsurance Co. announced that “Trust Bank Algeria”, in which Qatar General Insurance & Reinsurance Co. owns the equivalent of 20% of share capital, decided in compliance with the resolution of the Central Bank of Algeria with respect to the minimum required capital for banks operating in Algeria, to increase the capital of Trust Bank as follows:

 

First Stage: Before the end of 2019, include DZD 5,500 million of legal and optional reserves valued at DZD 5,620 million as of 31/12/2018 to the capital account to become DZD 18,500 million.

 

Second Stage: Before the end of 2020, include the equivalent of DZD 1,500 million of the expected 2019 profits to the capital account to a total of DZD 20,000 million.