Magharebia

Byblos Bank of Lebanon is working to buy Algeria's Al-Rayanne Bank in a $14m deal. Alan Wanna, head of finance and administration for the prospective buyer, told The Daily Star he expects the deal to be approved "in a matter of days".

Algeria, faced with growing competition after the creation of a free trade zone between North Africa and Europe, is trying to lure foreign investors and expertise to its financial markets. The government intends to privatise its three state-owned banks, which control 50 per cent of the market. (The Daily Star)