Bank of Syria and Overseas (191)


Syria’ stock market resumed its decline in the week ending September 8 with its main index, the DWX, shedding 1.86 percent.


Syrian stocks fell two percent on average over the last week with the market’s weighted index having now fallen in eight of the last nine sessions.


The financial disclosures for the first half of this year by Syria’s largest private sector commercial banks confirm the depth of the country's current economic crisis.


Syria’s stock market continues its gradual decline as its main index has lost 37 percent from its 2011 peak - dropping to a level it has not reached for 16 months.


Updated June 19: The Syrian securities market regulator has given its nod for the capital increase of Bank of Syria and OverseasBank Audi Syria, Byblos Bank Syria  and Fransabank Syria in line with the target of raising the minimum capital levels of conventional private commercial banks to SYP 10 billion by the end of 2012.


The main index of the Damascus Stock Exchange closed at 1,396.3 on April 11 or a decline of 3.9 percent in the last two sessions as demonstrations continued to take place across Syria.


 Syria’s financial industry has posted another year of significant growth across all sectors, according to the latest Syria Report business guide, Corporate Syria: Banking and Finance 2009.
The global financial and economic crisis appears not to have impacted significantly the industry, the report says.


Arope Syria is the Syrian affiliate of Arope Insurance Sal from Lebanon. The two companies are part of the BLOM Group, which also runs Bank of Syria and Overseas.


Bank of Syria and Overseas is the Syrian affiliate of BLOM Sal, Lebanon's second largest commercial bank in terms of assets. BSO was the second private sector commercial bank to be established in Syria in January 2004. It had 27 branches across the country at the beginning of 2011, including 9 in Damascus.


The National Bank of Kuwait has received a license to open a USD 200 million subsidiary in Syria, becoming the seventh bank from the Gulf to operate in the country.

Capital Intelligence, a credit rating agency specialized in emerging markets, has assigned ratings to Bank of Syria and Overseas, the first known Syrian commercial bank to be rated.
The Syria Government has raised SYP 13 billion from local banks to finance its 2010 cotton crop, according to a local media.

The number of bank branches managed by the public and private sector across Syria reached 481 at the end of September.


The number of branches and offices run by private sector banks in Syria increased by around 13 percent in the first half of this year.

The state-owned Real Estate Bank will own a minority stake in the financial intermediary firm currently under establishment by Qatar National Bank Syria.
Syria International Islamic Bank (SIIB) has announced that it will increase its capital to SYP 7.5 billion late 2010/early 2011.

IBTF, Bank Audi Syria and SIIB were last year’s star performers, while Arab Bank Syria and Cham Bank have lost ground to their competitors, the 2009 financial statements of local banks show.

The Central Bank of Syria has approved a request from Qatar National Bank Syria to set up a brokerage firm.
Syria International Islamic Bank posted the most significant increases in all key financial indicators in 2009 among the twelve companies listed in the Damascus Securities Exchange, unaudited accounts show.
The number of branches and offices run by the private banking sector increased to 166 as at the middle of December.

Shares owned by the two largest shareholders of United Group, and also board members, have been temporarily suspended by the Damascus Securities Exchange following a decision by a local court.

No one knows Syrian entrepreneurs better than Rateb Al-Shallah. The former head of the Federation of Syrian Chambers of Commerce is also Chairman of the Board of the Damascus Securities Exchange and of Bank of Syria and Overseas. He talks to The Syria ...

Bank Audi Sal has confirmed that it led a syndicate of 16 regional banks to provide a 7-year USD 340 million loan to the Syrian affiliate of Lafarge S.A., a French building materials company.

Trading activity the Damascus Securities Exchange rose last week, as the Syrian bourse elected its new board of directors.
Arope Insurance Syria has received a preliminary approval to list in the Damascus Securities Exchange.
Trading activity at the Damascus Securities Exchange slowed for the third week in a row.
Trading volumes remain relatively stable at the Damascus Securities Exchange in the last two weeks.
Trading at the Damascus Securities Exchange declined last week to reach a total of SYP 26 million.
Three sessions were held by the Damascus Securities Exchange during the last week to compensate for a session scheduled for July 20 that was postponed one day because of technical problems.
Trading activity at the Damascus Securities Exchange continued to decline as only one session was held in the last seven days.

Fransabank-Syria launched officially its operations in Syria on April 20.


The number of companies traded in the Damascus Securities exchange has increased to seven after the addition of the stocks of the International Bank for Trade and Finance.


The Damascus Securities Exchange has set a reference price for stocks of the three listed companies that have already been traded.


Five companies will be listed in the Damascus Securities Exchange when it is officially launched on March 10.


Banque Bemo Saudi Fransi is the first Syrian company to be allowed to list its shares in the Damascus Securities Exchange.


Banque Bemo Saudi Fransi continued to lead the private banking sector in Syria last year.


Banque Bemo Saudi Fransi is the first Syrian company to be formally allowed to trade its shares in the Damascus Securities Exchange.


Pilot trading at the Damascus Securities Exchange began on January 22 ahead of the formal launch, which is now planned for March 9.


Official trading at the Damascus Securities Exchange will start on February 23, 2009, according to a statement from the Syrian bourse.

The number of branches operated by private banks in Syria rose to 92 at the end of October, or a quarter of the entire banking network, according to the Central Bank of Syria.

Market Evolution Software Products Limited, a company from the Bahamas, has been chosen to supply the electronic trading systems to be used by the Damascus Securities Exchange (DSE).