Bank of Syria and Overseas (191)


The value of trading in the Syrian bourse reached a mere SYP 9.9 million this week.


The index of the Damascus Securities Exchange gained last week as the value of trading remained mostly unchanged compared to the previous week.


The Syrian bourse saw last week the beginning of trading on Al-Baraka Bank Syria, the latest stock to be listed in the exchange.


Around half of Syria’s listed stocks were traded last week although few transactions involved meaningful amounts.


Trading in the Damascus Securities Exchange remained dull last week with volumes at only a few thousand dollars in one of the sessions.


Bank of Syria and Overseas has announced the appointment of a new general manager.


Following other banks, IBTF provided last week an assessment of the losses incurred in its Homs branch, located in the area previously under the control of the opposition.


After Byblos Bank last week, Bank of Syria and Overseas reported this week the value of the losses of its Homs branch.


The level of trading in the Damascus Securities Exchange last week surged helped by two large transactions.


Byblos Bank Sal, the Lebanese mother company of Byblos Bank Syria, is increasing its stake in its Syrian affiliate.


The assets and profits of private sector banks in Syria increased last year in Syrian Pound terms, according to preliminary filings.


Syria’s stock market index closed the year largely unchanged as official holidays reduced trading activity.


Half of Syria’s stocks were traded in the Damascus Securities Exchange last week with the index mostly unchanged.


The balance sheet of Syria’s private sector banks increased 45 percent in the first nine months of 2013 compared to the same period of last year, although the rise was overwhelmingly a result of unrealized net foreign exchange gains.


Bank of Syria and Overseas has announced the election of Ihsan Baalbaki as vice-chairman of the board.


Bank of Syria and Overseas elected a new director to its board.


The performance of Syria’s banking sector in the first half of this year continued to be affected by the deteriorating economic conditions and the decline in the value of the Syrian Pound.


Financial data published by two private sector banks confirm the growth of bad debt provisions across the sector.


Syria’s main stock index crossed the 1,200 mark last week after gaining in three consecutive sessions.


Syrian stocks fell in all of last week's sessions ending a month and a half of weekly gains.


The value of trading at the Damascus Securities Exchange crossed the SYP 100 million mark last week for the first time in months.


Syria’s stock market index increased sharply this week to rise above the 800 mark for the first time since last November.


SIIB, an Islamic lender, rose to become Syria’s largest private sector bank last year, preliminary data show.


Provisions for bad debts at private sector Syrian banks rose sharply in the third quarter of this year as businesses faced increasing difficulties to reimburse their loans.


Lebanese-managed Syrian banks lost USD 400 million since the beginning of the uprising, according to the head of the Lebanese central bank.


Bank of Syria and Overseas has announced that an armoured van transporting cash from one of its branches in the city of Aleppo was robbed on August 12, a reflection of the deteriorating security situation across the country.


Syria’s stock market resumed its downward trend this week as trading remained focused on financial stocks.


Syria’s stock market index has now fallen for 23 days in a row to close last week at 840.27 as the total value of shares traded stood at less than USD 30,000.


Capital Intelligence announced last week that it had withdrawn the sovereign credit ratings of Syria because of a lack of interest from its clients.


The aggregate balance sheet of Syria’s private sector commercial banks rose 13.4 percent on a quarterly basis in the first three months of this year thanks to a surge in the assets of Syria International Islamic Bank.


The appointment of Nabil Hshaimeh as chief executive officer of Banque Bemo Saudi Fransi, Syria’s largest private sector conventional bank, has been confirmed by the Central Bank of Syria.


The week at the Damascus Securities Exchange was marked by the inclusion of Syria International Islamic Bank in a list of companies under sanctions by the United States and by a general decline in stock prices.


The Damascus Securities Exchange's main index, the DWX, closed at 872.23 on May 23, a weekly decline of 0.17 percent, with trade volumes slightly rising.


A new company is set to enter the Damascus Securities Exchange in spite of the fact that the market continues to attract only little investment.


Syria’s stock market index declined 1.1 percent last week to close at 872.02 as trading remains subdued.


Syria’s stock index rose 1.98 percent this week, its highest weekly gain in almost three months.


Syria International Islamic Bank has announced that an armoured van carrying cash from one of its branches in the north-east of the country was attacked in only the second such case since the beginning of the Syrian uprising last year.


Updated February 20: Syria’s private banking sector saw a decline of some 13.5 percent in total assets last year although it managed to increase revenues and profits, largely on the back of foreign currency revaluations.


Bank of Syria and Overseas became this week the first Syrian commercial bank to report a robbery of one of its branches since the beginning of the unrest gripping Syria last year, highlighting the growing insecurity in several parts of the country.


Capital Intelligence, a credit rating agency, said last week it had withdrawn its rating of Bank of Syria and Overseas, the only Syrian bank in its portfolio.


Syria’s stock exchange remained stable this week with the market’s main index shedding only 0.08 percent.


The European Union and Canada have expanded the blacklists of Syrian individuals and entities they are sanctioning on the back of the handling by the Syrian authorities of the popular uprising gripping the country.


Mehran Khwanda, the main shareholder and head of the Khwanda Group, has announced his resignation from the board of directors of Bank of Syria and Overseas, following his inclusion in a blacklist issued by the European Union last week.


A new batch of financial results for the third quarter of this year confirms the general decline in the assets of Syria’s banking sector and a sharp increase in bad debts provisions.


The publication of the third quarter results by some of Syria’s largest private commercial banks confirms the steep economic downturn as the average balance sheet of these banks fell some 25 percent compared to the end of last year.


The assets of Qatar National Bank Syria, the first private sector commercial bank to publish its financial results for the third quarter of the year, remained stable over the course of the last three months.


The Syrian Government has allowed BLOM Sal to own a majority stake in its Syrian subsidiary, BSO, provided the latter raises its capital to at least SYP 5 billion.


Syria's stock exchange recovered some of its losses last week with an 1.98 percent increase in its main DWX index.