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Syria tries to attract major international banks

January 3rd, 2010 · 2 Comments · Business

Syria is attempting to bring global banking brands into the country.

It has, for the first time, allowed international companies to own a majority share in banks operating in Syria. That means – for example – HSBC could open ‘HSBC Syria’ and own 60% of it. Before, it was limited to a minority stake of 49%, which was dissuading companies from entering.

Until now the liberalisation of Syria’s banking sector has been successful, but limited to regional banks. Jordanian, Lebanese, Saudi and Kuwaiti banks have been the dominant players (like Lebanon’s Byblos Bank – above). It looks like the market is soon going to open up even more.

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2 responses so far ↓

  • 1 norman // Jan 4, 2010 at 5.51 am

    Sasa,

    Why don’t Syrians join their money and open a bank , it is done all the time in the US , banks don’t have to start big , they can be local , If they succeed other banks will buy them , or merge with them , many people graduating fro university and having jobs would love to be able to finance a house and leave their parents , and as long as the banks charge people interest more than they pay depositors they will make it ,

  • 2 NathanNevada // Feb 11, 2010 at 7.45 pm

    What ever you do, do not let Goldman Sachs in your country. They are the servants of Al Dajal.

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