Qatari company to acquire major stakes in Syrian banks: Sources tell Reuters

Qatari group Estithmar Holding is set to take control of Syria's Shahba Bank and take a 30% stake in Syrian International Islamic Bank, four people familiar with the matter said, marking the first foreign banking acquisitions in Syria since the fall of former leader Bashar al-Assad.

The move, which follows the lifting of U.S. sanctions on Syria late last year, comes as the country's central bank tries to recapitalize a banking sector severely impaired by 14 years of war and Western sanctions.

Estithmar, part of the Doha-based Power International Holding conglomerate led by the Syrian-Qatari brothers Moutaz and Ramez Al-Khayat, will take a controlling 60% stake in Shahba after buying out the shares of Banque Bemo Saudi Fransi and Ahli Trust Bank, according to three of the people.

"They have a very ambitious plan for the bank by enhancing the capital and facilitating communication with correspondent banks," one of the sources, who is familiar with Shahba Bank's thinking, said.

Another 30% of SIIB is already held by Qatari partners, according to a person with direct knowledge of the matter.


Reuters