First branch for the Arab Bank in Syria
Syria-Jordan, Business, 1/3/2006

A celebration was held on Monday marking the opening of the first foreign bank with private assets and 51% Syrian share holders and 49% by the Arab Bank which takes Jordan as a headquarters.

The "Arab Bank-Syria" director general in Syria, Ali Zaatar, said on the sideline of the opening ceremony at the bank in Abu Rummaneh street in Damascus that the capital of the new bank is estimated at 1.5 billion Syrian pounds ( $ 30 million) and that other branches will open this year in other Syrian governorates.

Deputy chairman of the Bank board of directors Muhammad Abdul Salam Haikal said that the presence of the Arab Bank in the Syrian market through the Arab Bank-Syria constitutes an important step to ensuring promising potentials and the encouraging environment for the Syrian economy, thanks to the Arab Bank's credibility proved in its 75-year deeply rooted tradition of transparency in its 400 branches established all over the world.

Since January 2004, three foreign banks opened branches in Damascus which are Syria and al-Mahjar ( expatriates ) bank, the European Bank For The Middle East, the Saudi French Bank Bemo and the International Bank For Trade And Supplies. The new bank was licensed after the Syrian banking sector remained totally nationalized ever since 1963.

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