Banco Espirito Santo (BES), Portugal's third largest bank, Swicorp and Banque Extérieure d'Algérie (BEA), Algeria's largest bank, announced a partnership in the Algerian leasing sector and the formation of Ijar Leasing Algérie be headquartered in Algiers.

The leasing company, IJAR Leasing Algérie, will be initially capitalised with DZD3.5 billion (€33 million), of which BES, will contribute 35 percent; the Bank of Algeria, 59 percent; and Swicorp, 6 percent.

The new investment is within the scope of the BES international growth strategy that aims to promote access to Algerian markets which considered as one of the most promising markets in the region.

The new firm, Ijar Leasing Algérie (Ijar), will be the third leasing company in the Northern African country and will allow supporting the BES Portuguese and international clients, with growing commercial activities. The company will also assist Algerian corporations with their financing needs and also with a diversified offering of leasing services, from industrial equipment and commercial vehicles to professional real estate. BES will as well share its leasing expertise.

Swicorp is a corporate finance advisory, private equity and principal investment firm with a specific regional focus on the Middle East and North Africa (MENA) region. It provides a wide range of corporations and investors with independent advice and assistance on key strategic and financial issues.

In Portugal, BES Leasing is the second largest lessor by portfolio .The company provides various commercial banking products and services in Portugal and internationally, it operated a network of 803 branches in Portugal; 1 branch in the Madeira Free Zone; and 12 overseas representative offices, as well as international branches in many other countries