Bank of Syria and Overseas (191)

The International Bank for Trade and Finance (IBTF), Syria's fourth largest private bank in terms of assets, has received a preliminary license from the Syrian Commission on Financial Markets and Securities (SCFMS) to set up a brokerage house.

Arope Syria and the Syrian Kuwaiti Insurance Company have published their un-audited mid-year financial statements.

Local private banks continue to post two-digit growth in all their main indicators, according to their mid-year financial statements.

The International Finance Corporation, a subsidiary of the World Bank, is among the founding shareholders of Nour Islamic Bank, an institution under establishment in Syria.

Arab Bank Syria SA has announced a three digit growth in total assets, net credit facilities and deposits in 2007.

Byblos Bank Syria (BSS) has announced an improvement in all its key financial indicators in 2007.



Bemo Saudi Fransi Finance (BSFF) can start offering advisory and IPO management services following the approval of the Syrian Commission on Financial Markets and Securities (SCFMS).

The International Bank of Trade & Finance has posted a 3-digit growth in total credit facilities to its clients.
Assets of Bank of Syria and Overseas, the country’s second largest private bank, rose to SYP 62.54 billion (USD 1.30 billion) at the end of last year, according to audited financial statements.
Syria and Overseas Financial Services (SOFS) has received a preliminary license to set-up a brokerage firm.

Arope Syria announced profits of SYP 4.59 million in 2007, its first full year of operations.

The number of branches operated by private banks in Syria reached 68 at the end of last year, an annual increase of 58 percent.
The Central Bank of Syria issued on December 12 a decision putting an end to the 6 banks operating in the Free Trade Zones.
The Syrian Commission on Financial Markets and Securities has released the draft text of the Listing Act which sets the conditions for listing and trading stocks, bonds, debt instruments and other securities in the Damascus Stock Exchange.

The Central Bank of Syria (CB) has given more flexibility to local banks by allowing them to fix interest rates on deposits freely, within a margin of 2 percent from its set rate.

The International Bank for Trade and Finance (IBTF) will double its capital to SYP 3 billion (USD 60 million) following a public subscription offer to be held starting August 15 for a period of two weeks, according to Habib Yared, financial administrat...

The International Finance Corporation has announced that it would be signing an agreement with Bank of Syria and Overseas to ease access to credit for Syrian businesses.

Assets of the International Bank of Trade and Finance reached SYP 29.40 billion at the end of last year.
The total assets of Bank of Syria and Overseas doubled at the end of last year while BBSF continues to lead private banks across most indicators.

Private banks in Syria have continued to witness impressive growth last year, as preliminary data show.


Total deposits at Bank Audi Syria reached SYP 13.45 billion (USD 263 million) at the end of 2006 according to the annual statements of the bank while the lending portfolio stood at SYP 4.85 billion.

Bank of Syria and Overseas (BSO) opened its ninth branch in Homs on December 15th.
Adib Mayaleh, the Governor of the Central Bank of Syria, has announced a new set of measures that will enter into effect early next year, during a major bank conference held in Damascus between November 3-5.

The four insurance companies that had received a license from the Syrian Government in January of this year will start offering their services in the coming few days.


The International Bank for Trade and Finance is increasing its capital through a public subscription offer to start at the end of the current month. IBTF is the last bank to raise its capital among the three institutions that were granted a license in ...


Deposits in private banks have continued to rise significantly in 2005 and reached around SYP 75 billion (USD 1.5 billion) as at 31 December 2005.


The Syrian Government has awarded a license to a seventh commercial private bank to operate in Syria.


Four of the insurance companies that had received a preliminary license from the Insurance Supervisory Committee (ISC) last year have now been given a formal license by the Syrian Government to operate in the local market.

Arab Bank Syria has opened its first branch in Damascus, making it the fifth private-sector bank to enter the country since market reforms in the sector took effect last year. Other branches in other Syrian governorates are expected to open this year.

The Real Estate Bank has issued Syria’s first certificates of deposits. The state-owned bank is issuing CDs for the following amounts: SYP 500 000, SYP 1 000 000, SYP 5 000 000, SYP 10 000 000, SYP 25 000 000 and SYP 50 000 000.

The International Bank for Trade and Finance (IBTF) is planning to raise its capital to USD 75 million, from its current amount of approximately USD 30 million, according to Sultan Al Zoubi, the general manager of the bank.
The Bank of Syria and Overseas successfully raised SYP 3 billion in capital in a public offering that was opened in the beginning of October.
The tensed political situation in Syria has pulled down the value of the Syrian pound before a series of measures from the Central Bank helped it recover its value.
The Bank of Syria and Overseas (BSO), one of the three private banks that are currently operating in Syria, has announced that it will double its capital to SYP 3 billion in a Public Offering from 18 September to 10 October of this year.

The Ministry of Finance is preparing an amendment to the Private Banking law in order to lift the ceiling of 49% on foreign ownership, The Syria Report has learnt.
Bank of Syria and Overseas’ (BSO) total deposits stand at SYP 4 billion (USD 76.92 million), according to George Sayegh, general manager of the Bank, who was talking to al-Thawra.
The set-up of a joint Syrian-Bahraini Bank (SBB) is moving forward, following a meeting for that purpose held in Manama, Bahrain on November 28 between a Syrian delegation lead by Rateb al-Shallah, head of the Federation of Syrian Chambers of Commerce,...
The Lebanese bank is following its domestic rivals and entering the Syrian market. Contrarily to BEMO and BLOM it will not partner with any other financial institution.
The International Bank for Trade and Finance has finally started operations after its inauguration ceremony held on June 6.
The first few weeks of private sector activity have appeared somehow bumpy for the Syrian banking sector. Indeed, two major controversies have already marked the beginning of the year.
The opening ceremony of the Bank of Syria and Overseas (BSO), also known by its French acronym, Banque de Syrie et d'Outre-Mer, was held on Wednesday, 7 January.