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Tunisia: Zituna Bank comes into being

The Constituent General Assembly of Zituna Bank was held on Wednesday, October 21 in Tunis. The agenda of this General Assembly included, in particular, the final approval of the statutes of the bank and the appointment of first directors and auditors.

Zituna bank, licensed as a universal bank, has a starting capital of 30 million dinars.

The launch of the bank is planned for the end of the first quarter of 2010. A large- scale programme for opening of agencies has already started, covering at a first stage the main cities.

Its shareholders are the Princesse El Materi Holding group, founder and majority shareholder with over 51% of capital, the CARTE (insurance company), Poulina Holding, TTS (tourism), Délice Danone (agro-food), UTIC (distribution) and Bouchamaoui Group.

The Board of Directors held, on Wednesday, its first meeting during which Mr. Mohamed Sakhr El Materi was appointed Chairman of the Board and Messrs. Mahfoudh Barouni, CEO, and Walid Koubaa, deputy director of the bank.

Taking the floor during this meeting, Mr. Mohamed Sakhr El Materi, Board Chairman, underlined that the creation of this bank reflects appropriately the orientations of President Zine el Abidine Ben Ali to strengthen the banking and financial sector, in order to provide Tunisian households with new innovating banking solutions and back up Tunisian and international companies and investors who have chosen Tunisia to develop their activities.

The founder of the bank also said that this structure is endowed with all necessary conditions for success. “We have, for this reason, tapped into the best international expertise and national competences in the financial and banking area and mainly those specialised in Islamic finance,” Mr. El Materi said.

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