Journal number 2 ∘ Aboubaker Khoualed ∘ Ali Bentayeb ∘ Ahmed Makhloufi ∘ Hassiba Almi ∘
Research on the Attractiveness of the Algerian Banking Sector Using SWOT Analysis

doi.org/10.52340/eab.2025.17.02.11

The SWOT model is one of the most widely used tools for environmental analysis, adopted by various organizations, including banks, due to its crucial role in shaping strategic direction. It helps banks define their future vision of the market and accurately assess their competitive position. This analysis encompasses various macro aspects, offering a comprehensive evaluation of a bank’s internal and external environment, making it an essential instrument for strategic planning. This research aims to examine the current state of the Algerian banking sector, assess its attractiveness, and evaluate its potential to draw international banks and financial institutions. To achieve this objective, a descriptive method was employed, utilizing diverse data and statistics related to all public and private banks operating in Algeria, totaling 19 banks. The findings reveal a balanced interplay between the strengths, weaknesses, opportunities, and risks in the Algerian banking sector. Consequently, entering the Algerian banking sector presents a prudent and potentially lucrative opportunity for international banks, provided they comply with the country’s banking laws and regulations.

Keywords: SWOT Analysis; Banks; Banking Sector; Competitiveness; Algeria.
JEL Codes: G21, E58, L1, M1

Introduction
One of the most significant indicators of a country's economic development is the advancement of its banking industry, which serves as a vital instrument for ensuring economic stability through the implementation of a monetary policy tailored to its specific economic conditions. The effectiveness of the country's banking sector has become a determining factor in the success of its economic system, particularly in its ability to finance comprehensive economic development projects.
The Algerian banking industry has evolved into a dynamic and fertile sector, especially following the adoption of an open economic policy towards the global market, as outlined by the Bank of Algeria in 1990. This shift led to the entry of numerous foreign and Arab banks into Algeria, beginning with Al Baraka Bank of Bahrain in 1991, followed by Citibank of the USA and Société Générale of France in 1993 and 1999, respectively. The first decade of the 21st century witnessed the arrival of additional foreign banks, predominantly French and Arab banks, further enriching the Algerian banking market and fostering competitive dynamics among private and public banks alike.
Given the rising competitive challenges and the impact of financial globalization, particularly advancements in banking technology - banking sector faces an increasingly complex landscape. The frequent occurrence of financial and banking crises, mergers, conglomerates, and evolving consumer preferences further intensify these challenges. As a result, banks currently operating in Algeria, as well as those seeking entry into the Algerian market, must adopt administrative and financial strategies to navigate this dynamic environment. In this context, SWOT analysis has emerged as a crucial in modern strategic management. By systematically evaluating internal strengths and weaknesses alongside a rapidly shifting market. Given the complexity and acceleration of these changes, adapting to them is essential for achieving long-term stability and strategic objectives. Among various strategic analysis methods, SWOT remains one of the most reliable approaches for guiding informed decision-making.

Theoretical Framework
Concept of SWOT Analysis

SWOT analysis was first developed by Albert Humphrey, who led a research group at Stanford University from 1960 to 1997. The study aimed to understand the causes of planning failures in organizations at that time (Puyt, Lie, & Wilderom, 2023). By analyzing data from major American companies, the research identified four key categories (Nyrku & Agyapong, 2011):
• Strength: The positive aspect of the current situation
• Weakness: The existing challenges or problems
• Opportunity: Potential future advantages
• Threat: Possible risks or negative factors affecting aspect of the future.
SWOT analysis is a widely used tool in strategic planning for organizations of all types and size. It serves as an effective method for used to developing competitive strategies by examining both internal and external factors. From a systemic perspective, organizations are seen as integrated entities interacting with their environments and consisting of several subsystems. Each organization operates within two distinct environments: the internal environment and the external environment. Conducting a SWOT analysis is essential for understanding these dynamics and applying strategic management techniques. (Gurel & Tat, 2017, p. 995). Furthermore, SWOT analysis is a strategic methodology designed to identify strengths and weakness within an organization, technology, process, or situation, as well as uncover external opportunities and treats. It helps organizations, businesses, and individuals make informed decisions and adapt to their surroundings (Tartan & Tetik, 2023, p. 579).
According to (Lin, 2023, p. 22), SWOT analysis or situational analysis involves listing the main internal strengths and weakness alongside external opportunities and threats associated with organizations. These elements are systematically arranged in a matrix, allowing for a structured evaluation and the formulation of strategic conclusions based on systemic analysis.
SWOT analysis examines the strengths, weaknesses, opportunities, and threats that enterprises face. Simply put, it is a strategic tool used to assess a company’s internal resources and external influences, including its advantages, limitation, prospects and challenges across functional areas. Every business has both strengths and weakness, which serve as the foundation for setting objectives and formulating plans. Consequently, SWOT analysis is an invaluable method for strategic evaluation (Goyal, Harahap, & Santoso, 2022, p. 78).
There are several ways to represent the SWOT model in a matrix form, and Figure 1 illustrates one such approach.

SWOT analysis is a widely used framework for decision-making in business and organizational contexts. It serves as an effective tool for gathering, organizing, presenting, and reviewing projected data, whether within an organization or during project planning. Strengths represent core competencies that give an organization a competitive edge, while weaknesses highlight factors that may hinder its performance. Opportunities encompass external elements that can drive growth and success, whereas threats consist of external challenges that may disrupt the organization’s strategic direction (Pant, 2019).

Importance of Applying SWOT Analysis in Banks
SWOT analysis plays a vital role in managerial decision-making within banks, helping assess strengths, weaknesses, opportunities, and threats. As a key tool in strategic analysis, it enables banks to evaluate potential impacts, address existing weaknesses, and mitigate emerging threats (Hassany & Pambekti, 2022, p. 73). Moreover, SWOT analysis allows bank managers to assess the market position of their business units (Korableva & Kalimullina, 2016, p. 272), enhancing competitiveness by identifying strengths and weaknesses. By leveraging this framework, banks can refine operations, improve service quality, and strengthen their competitive edge in the market. Additionally, SWOT analysis supports the development of alternative strategies tailored to banking institutions (Zulfahmi, Devi, Asker, & Hassan, 2021, p. 129). It fosters structured thinking and thorough evaluation of both internal and external environmental factors. By recognizing key advantages and challenges, banks can formulate strategies that drive sustainable competitive advantage (Alalie H.M., 2019, p. 51).
SWOT analysis can also highlight the need for innovation in banking services and products, encouraging banks to adopt new techniques and methods that align with evolving customer needs and improve services accessibility (Ali & Yildirim, 2019, p. 59). Additionally, online banking systems benefit significantly from SWOT analysis, as it enables banks to assess their overall environment – both internal and external – and evaluate their effectiveness in managing key competencies. A SWOT matrix analysis of online banking services reveals the following insights (Litvishko, Beketova, Akimova, Azhmukhamedova, & Islyam, 2020, p. 06):
• Strengths: Anytime access, time savings, faster transactions at lower costs, enhanced consumer convenience, economies of scale, improved comfort, and increased efficiency.
• Weaknesses: Limited target consumer base, susceptibility to global economic fluctuations, security risks in digital banking, and dependence on internet connectivity.
• Opportunities: Expanding public awareness of digital banking benefits, strengthening domestic banks’ links to international markets, advancing risk and customer relationship management (CRM) techniques, and developing robust technological infrastructure to ensure system reliability and secure transactions.
• Threats: Security-related concerns, intense competition unstable global economies, and low consumer loyalty).
Thus, applying SWOT analysis serves as a powerful strategic tool for banks, enabling them to achieve strategic excellence and enhance performance in the constantly evolving banking sector.
Methodology and Procedures
This research seeks to evaluate the current state of the Algerian banking industry, assess its attractiveness, and the effectiveness of investment within the sector. To achieve this objective, the study focuses on the following sub-goals:
• Identifying the main threats and challenges of operating in the Algerian banking market.
• Recognizing key opportunities and advantages within the Algerian banking sector.
• Assessing weaknesses and shortcomings of the Algerian banking sector.
• Highlighting the strengths of the Algerian banking sector.
Additionally, this research aims to introduce SWOT analysis as a fundamental strategic planning tools and emphasize its significance in banking. By employing SWOT analysis, stakeholders in the Algerian banking sector – including foreign banks considering market entry – can develop essential strategic skills to set and achieve their organizational goals effectively.
To accomplish these objectives, the descriptive method was used. This approach aims to define and accurately describe the phenomenon under study, extending beyond data it accurately. This method not only involves collection and categorization to include and interpretation for deeper insights (Dzhafovor & Perry, 2011) .To apply the SWOT model to the Algerian banking sector, relevant data and information were obtained from the website of the Central Bank of Algeria and its annual reports, as well as the websites of Algerian banks and their activity reports.
The study sample was determined using the comprehensive enumeration method, which involved analyzing data from all public and foreign banks currently operating in Algeria. A total of 19 banks were included in this analysis:
National Bank of Algeria (BNA), External Bank of Algeria (BEA), Agriculture and Rural Development Bank (BADR), Local Development Bank (BDL), Algerian Popular Credit (CPA), National Savings and Reserve Fund (CNEP), Al Baraka Bank of Algeria (BB), Société Générale (SG), BNP Paribas, Natixis Bank (NB), France Bank (FB), Arab Banking Corporation (ABC), Gulf Bank Algeria (AGB), Al Salam Bank (SB), Arab Bank (AB), Housing Bank for Trade and Finance (HBTF), Citi Bank (CB), HSBC, Trust Bank (TB)

Results and Discussion
To assess the attractiveness of the Algerian banking sector, the various components of the SWOT model will be applied as follows:

Analysis of the Strengths of the Algerian Banking Sector

 Considerable Capital: Most Algerian commercial banks, particularly public ones, maintain substantial capital reserves. This is largely due to the Central Bank's regulatory requirements, which mandate minimum capital base of 20 billion DZD for banks seeking operational licenses in Algeria (Bank of Algeria, 2018). A strong capital foundation serves multiple purposes: it absorbs potential losses, funds infrastructure development, and enhances customer trust, making the bank more appealing to clients and investors. The following table shows the top six banks in Algeria by capital:

Priority of Establishment: Public banks in Algeria are well-established, with some dating back to the period immediately following independence, while others were founded in the 1980s. In contrast, all foreign banks are relatively recent entrants to Algerian Market. Some began operations in the early 1990s after the adoption of the Currency and Credit Law (90-10), while others established a presence in the early 2000s, as illustrated in the following figure:

Despite the setbacks caused by the COVID-19 pandemic, the Algerian banking sector has demonstrated resilience, with noticeable growth in deposits and loans. This trend suggests increasing banking activity, improvements in profitability and liquidity indicators, and a strengthened role in financing the local economy. In parallel, Islamic banking has experienced significant expansion: Islamic deposits grew by 23.6% compared to 2021. Islamic financing products, including cost-plus financing, profit sharing, partnerships, leasing, forward sales, and manufacturing contracts, increased by 6.5%.
 Profit Growth: With the exception of 2020, when Algerian banks faced a sharp decline in profits due to the pandemic-related economic disruptions, banking profits have shown consistent growth in preceding and succeeding years.
 The following table provides evidence of this profit trajectory:

Public banks consistently outperformed private banks in terms of profit growth, securing the top five positions. However, BEA experienced a profit decline of 28.16 billion DZD. While all private banks recorded profit growth between 2021 and 2022, their gains were significantly lower than those of public banks. Profitability plays crucial role in ensuring banks' long-term stability, strengthening their financial position, and enhance solvency and liquidity.
Improvement in Electronic Banking Indicators: One notable positive impact of the COVID-19 pandemic on the Algerian banking sector has been the advancement of electronic banking indicators. Social distancing and lockdown measures accelerated customer demand for digital banking products, leading to significant growth in the sector. According to the Bank of Algeria (2022), the following advancements were observed:
A 17.02 increase in the volume of electronic banking cards between 2021 and 2022.
Expansion in the number of ATMs and electronic payment terminals, growing by 30.53% and 23.17%, respectively, between 2021 and 2022.
Adoption of 291 online merchants, reflecting a remarkable representing a growth rate of 90.20%.
The initial application of artificial intelligence technology in Algerian banks..

Analysis of Weaknesses in the Algerian Banking Sector
Banking Specialization: Before the 1990s, the Algerian banking sector operated under a system of specialization, where each bank was dedicated financing a specific sector. However, with the adoption of the Banking and Credit Law in 1990, this specialization system was officially abolished in favour of a universal banking system. Under this new system, Algerian banks were required to serve all sectors and provide a broader range of financial products (Bank of Algeria, 1990). Despite this reform, the shift to universal banking has remained largely superficial. Public banks continue to specialize in sector-specific financing: BADR focuses on agricultural funding, BFA on foreign trade, CNEP on housing finance and individual savings, BDL on financing small and medium-sized enterprises, and BNA on large-scale projects and infrastructure. This ongoing specialization has led to a form of monopoly, restricting the advantages of universal banking for these institutions while simultaneously limiting competitive opportunities scope for foreign banks.
Weak Banking Penetration: According to the latest report from the Bank of Algeria (2022), the total number of bank and financial institution branches reached 1,725, equating to one branch for every 26,551 people. While this indicator marks a slight improvement from the previous year, when the ratio was one branch per 26,675 people (Bank of Algeria, 2021), it remains well below international standards. For instance, the Cameron model, established in 1967, defines optimal banking penetration as one bank branch for every 10,000 people, using the following formula:
Banking Density=Number of Branches/(Population )×10000
Applying this equation to the Algerian banking sector yields the following result:
0.38=10000×1725/44900000. This ratio falls significantly short of one, indicating a negative deviation and underscoring the insufficient spread of banks in Algeria. In comparision, neighboring Tunisia boasts a banking penetration rate 1.64, reflecting well-developed banking network.
Weak International Presence: One of the major shortcomings of Algerian public banks is their limited international expansion, as their operations remain restricted to Algeria. Until recently, they had not established branches in other countries, missing valuable opportunities to enhance profitability and form strategic alliances to improve service quality. However, the Bank of Algeria (BNA) took a significant step in 2023 by launching its first overseas branch, "Bank of the Algerian Union" in Mauritania, followed by the "Algerian-Senegalese Bank" in Senegal. Additionally, the Bank of External Trade of Algeria (BEA) is working on opening a branch in France. Despite these recent efforts, Algerian banks still face challenges in global integration, particularly due to their weak network of correspondent banks and financial institutions. The limited partnerships they do have are mainly is concentrated in certain countries such as France and some Arab states, restricting their ability to provide comprehensive banking services abroad.
Non-Performing Loans: Non-performing loans continue to pose a significant challenge for Algerian banks, undermining profitability and contributing to financial losses. Their persistence highlights weakness in loan file assessment and risk management policies.
In recent years, Algeria has experienced a significant and persistent rise in the volume of non-performing loans, as illustrated in the following table:

The non-performing loan ratio for public banks in Algeria reached 21.35% in 2022, which is significantly higher than the 9.11% recorded for private banks. This discrepancy suggests a breach of loan-granting standards in public banks or insufficient feasibility studies conducted before approving these loans.
 Weak Implementation of Banking Marketing: Field studies conducted in Algeria highlight major shortcomings in the application of banking marketing strategies within Algerian banks. Several factors contribute to this issue, primarily the recent adoption of marketing concepts in the Algerian banking sector, which only began in the 1990s. Additionally, banking marketing is often underprioritized, restricted to a central directorate for marketing and communication at the administrative level, with little representation at branch and agency levels. Furthermore, the implementation of core marketing mix elements – such as banking services, pricing, distribution, promotion, physical facilities, personnel, and processes – remains inadequate.
 Weakness in Some Complementary Banking Services: Algerian banks also face notable challenges in providing complementary banking services, owing to recent sector reforms and several persistent issues, including a weak banking culture, limited digitization, inefficient marketing strategies, and lack of human resources. Algerian banks have been characterized by a These deficiencies have resulted in gaps in key in providing certain banking services, particularly in international card services, foreign exchange services, advisory services, Islamic banking services, options and derivatives, financial market-related services, and green banking initiatives.

Analysis of Opportunities in the Algerian Banking Sector
 Reduction of the Legal Reserve Ratio: Before 2020, the legal reserve ratio imposed by the Algerian central bank on commercial banks was relatively high at 12%. However, in response to economic challenges posed by the COVID-19 pandemic, the central bank gradually reduced this ratio – first to 10% in 2020, and then to 2% by February 2021 (Bank of Algeria, 2021). This reduced level has remained unchanged since, allowing banks greater flexibility to utilize financial surpluses generated by this reduction.
 Abolishment of the Safety Cushion System: Prior to 2020, the Algerian central bank required commercial banks to establish a safety cushion, mandating the formation of core special funds equal to 2.5% of their weighted risks, as per regulation 01-14 (Bank of Algeria, 2014). However, by the end of 2020, amid the ongoing economic strain caused by the pandemic, the central bank exempted banks from maintaining this cushion, thereby enhancing liquidity and expanding financial investment opportunities.
 Issuance of Regulation 20-02: On March 15, 2020, the Algerian central bank issued Regulation 20-02, outlining the framework for Islamic banking operations and their implementation by banks and financial institutions (Bank of Algeria, 2020). This regulation enabled banks in Algeria to broaden their service offering, increasing profitability by providing a range of Islamic banking products, including Islamic leasing, forward sale, cost-plus financing, profit sharing, partnerships, manufacturing contracts, and Islamic deposit accounts. Consequently, Islamic banking has flourished, with both dedicated Islamic banks and commercial banks offering these services through Islamic windows and agencies.

Issuance of the New Monetary and Banking Law: According to the Bank of Algeria (2023), the newly issued Monetary and Banking Law introduces several positive changes amid ongoing financial, monetary, banking, and even economic reforms in Algeria. Key highlights of this law include:
• Strengthening the implementation of Islamic banking in Algeria, enriching its product offerings, and reinforcing its Shariah-compliant principles.
• Restoring stability to the position of the Governor of the Bank of Algeria, while reactivating the bank’s oversight bodies and committees.
• Integrating digital currency into the Algerian monetary system and modernizing payment methods.
• Promoting the establishment of foreign exchange offices in Algeria.
• Enhancing governance and internal control mechanisms in alignment with Basel standards. The implementation issuance of this new law is expected to improve banking regulation, leading to a positive impact on the performance of Algerian banks.
 Establishment of an Electronic Banking Regulation Body: Since 1996, Algeria has maintained an electronic banking regulatory body through the Automated Cash and Interbank Relations Company (SATIM) (SATIM, 2022). Established with the initiative of eight banks and financial institutions – BNA, BEA, BDL, BADR, CNEP, CPA, Al Baraka Bank, and the CNMA Insurance Institution –SATIM plays a crucial role in developing and implementing electronic payment systems in Algeria. Over time, Satim has expanded to include all banks operating in Algeria (6 public banks and 13 foreign banks) alongside Algeria Post Office. As a result, SATIM has facilitated the integration of electronic banking infrastructure, including: 135 ATMs, 40,000 electronic payment terminals, and 274 e-commerce websites.
 Significant Demographic Growth: Algeria has experienced substantial population growth over recent years, presenting a strategic opportunity for banks to expand their operations. This demographic increase enables banks to extend their physical and digital presence through new branches and online services; to attract a larger customer base, leading to higher deposits and lending activities; and ultimately boost profitability and strengthen their financial position.

The recent growth of Algeria’s GDP has been accompanied by a noticeable increase in per capita GDP, consistently reflecting positive rates in recent periods. This trend signals an overall improvement in individual income, largely driven by wage increase policies. As the economy continues to recover and incomes rise, commercial banking activities flourish, contributing to further development in the financial sector.

Analysis of Threats in the Algerian Banking Sector
 Banking Competition: The competitive landscape Algeria’s banking sector has remained largely stable over the past decade, with approximately 6 public banks and 13 foreign banks operating in the market. This stability is primarily attributed to significant entry barriers, including high capital requirements estimated at 20 billion DZD (Bank of Algeria, 2018), as well as complex administrative procedures and an extended licensing process. Despite these challenges, competition among public banks has intensified, while foreign banks continue to strengthen their market position. Their share of total collected deposits increased from 6.7% in 2005 to 13.49% in 2022, and their share of total loans granted rose from 7.4% to 14.42% over the same period (Bank of Algeria, 2022).

 Central Bank Intervention: A defining characteristic of the Algerian banking market is the significant intervention by the Algerian central bank. This includes regulating interest rates for loans and deposits, as well as overseeing the factors that determine the cost of other banking services (Khoualed & Bouzerb, 2023). Consequently, pricing competition is weakened, banks become increasingly alike, and the scope for financial service innovation is limited.
 Continuous Legislative Changes in Banking: The banking industry, inherently subject to frequently legislative and regulatory changes. The Algerian banking sector has followed this trend since its establishment in 1962, undergoing multiple legislative amendments. The following table outlines these key changes:

 Weak Efficiency of the Algerian Financial Market: Despite being established in 1997, the Algerian Stock Exchange remains largely inactive and inefficient. Several reasons factors contribute to this stagnation (Exchange, Algiers Stock, 2023):
• Low number of listed companies –only 5 after 26 years of operation.
• Weak adherence to disclosure and transparency standards by the listed companies.
• Ineffective stock market intermediaries, primarily public banks.
• Limited public participation, driven by the lack of investment culture in securities in Algeria.
• As a result, the Algiers Stock Exchange ranks among the lowest globally, in Africa, and the Arab world, contributing a mere 0.03% to the market capitalization of Arab stock exchanges.
 Impact of the COVID-19 Pandemic: The COVID-19 pandemic had significant implications for the Algerian banking sector, which can be illustrated by the following table:

During that period, economic activity ground to a halt, leading to widespread institutional closures. This had a profound impact, given the banking sector's critical role in supporting the real economy through payment, savings, and credit services. Although the national economy has since recovered from the COVID-19 pandemic and the key indicators in the Algerian banking sector have improved, lingering effects remain. One notable consequence is the continued rise in the volume of non-performing loans.
 Other Threats to the Algerian Banking Sector: Byond the challenges posed by the pandemic, the Algerian banking sector faces additional threats, many of which are common across the global banking industry:
• Rapid technological advancements –the increasing adoption of artificial intelligence and financial technology is reshaping banking operations.
• Declining quality of banking skills training for university graduates.
• Persistent and unpredictable fluctuations in the banking sector, coupled with economic shifts, can negatively adversely affect bank revenues.
• Client dependency: Since customer deposits serve as the primary source of bank investment, institutions are exposed the bank to liquidity risks if clients leave withdraw their funds or transfer to competing banks.

Conclusions

The fast-paced transformations shaping today’s banking industry have compelled banks to adopt various measures to stay ahead of rapid changes, endure competition, and assess both their internal and external environments. This requires identifing their strengths and weaknesses, as well as recognizing opportunities and threats. By strategically balancing these factors, banks can formulate effective strategies that enhance their competitiveness ensuring long-term survival and sustainability.
An analysis of internal environmental factors reveals several strengths that define the Algerian banking sector. Chief among these are substantial, capital reserves, the precedence of establishment, particularly for public banks – steady growth in the volume of loans, deposits, and profits, as well as and improvements in electronic banking indicators. Conversely, the sector faces a broader range of weaknesses, including limited banking specialization, weak penetration both locally and internationally, persistent issues with non-performing loans, ineffective implementation of banking marketing strategies, and shortcomings in complementary services.
An analysis of external environmental factors highlights several opportunities for entering the Algerian banking market. The most notable include the reduction of the legal reserve ratio, the abolition of the safety cushion system, the introduction of new monetary and banking laws, and regulations governing Islamic banking activities. Additionally, the presence of a regulatory body overseeing electronic banking, the recovery of the Algerian economy, and significant demographic growth further enhance market prospects. Conversely, entering the Algerian banking market presents several threats. Key challenges include intensifying banking competition, substantial central bank intervention, frequent other risks inherent to banking operations.
Competing banks in the Algerian banking currently rely on four key strategies based on their strength, weakness, opportunities, and threats:
 First Strategy: Leveraging opportunities to reinforce strengths (growth)
 Second Strategy: Using opportunities to minimize weaknesses (growth)
 Third Strategy: Applying strengths to counteract threats (stability)
 Fourth Strategy: Addressing weaknesses while mitigating threats (retrenchment).
Field study results indicate a balance between the strengths, weaknesses, opportunities, and risks in the Algerian banking industry. As a result, international banks may find it both advantageous and profitable to enter this market, provided they comply with Algeria’s banking regulations. It is recommended advisable for new entrants to begin operations in the capital before expanding to other major cities, targeting market sectors underserved by Algerian banks, particularly financing freelancers, startups, and import-export businesses. Additionally, enhancing complementary banking services should be a priority, with a focus on electronic banking services, including international bank cards, exchange services, advisory services offerings, and Islamic banking products.

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