First Gulf to start operations in Algeria

First Gulf Bank is the UAE capital's third-largest lender by market value.

First Gulf Bank, Abu Dhabi's third-biggest lender by market value, said on Saturday it had applied for a licence to start operations in oil producer Algeria as part of plans to expand in North Africa.

The lender held talks with Algerian government officials on Thursday to discuss its application, First Gulf said in a statement, without giving details.

In September, First Gulf agreed with the Libyan government to set up a commercial bank in Africa's biggest oil producer.

Lenders across the Gulf Arab region have been expanding abroad as competition at home intensifies.

Kuwait Finance House said this month it is considering setting up a bank in Algeria, while Qatar National Bank has operations in the country through its Jordanian affiliate Housing Bank for Trade & Finance.

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