Syria licenses five private banks; two Lebanese

The Syrian cabinet on Saturday approved the foundation of five private banks in Syria owned by entities which are not Syrians. The banks are: the Bank of Bahrain; the Bank of housing, trade and supply ( Jordan); the bank of Lebanon and the expatriate; The European Bank for the Middle East ( Lebanon) and the Arab Bank ( Jordan).

Last year, 2001, the Syrian parliament voted a decision for the foundation of private banks in order to improve the service quality of the banking sector and to encourage investments in the private sector.