Banque Bemo Saudi Fransi (204)


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.


Three brokerage houses took a market share of more than 50 percent of all trading in the Damascus Securities Exchange last year, according to data from the Syrian bourse.


The Damascus Securities Exchange resumed its downward slide this week amid very low trading volumes.


Syria’s stock exchange began the year on a positive note with an increase of 1.83 percent in the market’s main index, the DWX.


Syrian investors continued to flee stocks last week with the index of the securities exchange losing an additional 1.85 percent to fall to 846.95.


Since the beginning of the year Syrian stocks have on average  lost half of their value as political and economic risks continued to increase.


Banque Saudi Fransi, the largest shareholder in Banque Bemo Saudi Fransi, Syria’s leading private sector bank, said that it was selling its stake in its Damascus-based subsidiary and sister Lebanese bank, because of the “financial risks” in Syria.


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.


Banque Bemo Saudi Fransi, Syria's largest private sector conventional bank, has announced that its CEO, Robin de Mouxy, a French national, had ended his term and was replaced by Manar Tawakol, his deputy.


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


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


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.


Import all kinds of machines and parts; import food, agricultural, textile products, furniture


Emaar IGO issued a press release saying it had already delivered 315 office units in the first phase of its Eighth Gate compound outside Damascus and that it was continuing works on the project.


BSFF, the brokerage arm of Banque Bemo Saudi Fransi, said that it was now licensed to offer asset management services.


Akar Development has signed two deals with local banks for the supply of mortgage finance for future home owners in its Cordoba Hills development near Aleppo.


Banque Bemo Saudi Fransi is a joint-venture established between Banque Bemo Sal of Lebanon and Banque Saudi Fransi of Saudi Arabia. The latter is an affiliate of France's Crédit Agricole Group. BBSF is the first Syrian private sector commercial bank to have been established after the banking sector was liberalised in early 2004.


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.


Sarhad Haffar, the General Manager of Emaar IGO, the company developing the Eighth Gate project in Yaafour, outside Damascus, has resigned.


Bena Properties has signed a syndicated loan agreement of USD 77 million to finance works at the Yasmeen Rotana Hotel in Damascus.

The Syria Government has raised SYP 13 billion from local banks to finance its 2010 cotton crop, according to a local media.

Souria Holding has signed an agreement with Banque Bemo Saudi Fransi (BBSF) to lead a syndicated loan for the financing of its Abraj Souria development in central Damascus.


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.

Fawwaz Al-Khateeb Group, a UAE-based company, is developing a residential compound in Kasab, a small town overlooking Syria’s coastal area.
Qatar National Bank (QNB) will raise its stake to 55 percent in its Syrian affiliate, QNB-Syria, which has recently announced plans to triple its capital to SYP 15 billion.
The state-owned Real Estate Bank will own a minority stake in the financial intermediary firm currently under establishment by Qatar National Bank Syria.

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.


Travel to the United States should be easier for Syrians after a number of measures were announced by the State Department and the US Embassy in Damascus.

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.
Trading volumes at the Damascus Securities Exchange declined for the second week in a row.
The Central Bank of Syria has raised significantly the capital requirements of local banks and allowed majority ownership by foreign institutions. Where will local banks source their funds from and what strategies are they likely to adopt? The Syria Re...
The Syrian Government has allowed foreign financial institutions to own more than 50 percent of the capital share of local banks, paving the way for the arrival of global players into the Syrian banking industry.
The number of branches and offices run by the private banking sector increased to 166 as at the middle of December.
Arope Insurance Syria has received a preliminary approval to list in the Damascus Securities Exchange.

The value of shares traded at the Damascus Securities Exchange reached SYP 17 million last week, which was the first to witness three trading days since the measure extending the number of weekly trading sessions was passed early September.


Al-Baraka Bank Syria (ABBS) will hold its initial public offer on October 4 for a period of one month.