Private Syria and the overseas Bank in Damascus

Syria's Minister of Finance, Mohammad al-Hussein, opened in Damascus Wednesday "Syria and Overseas Bank." The bank's capital amounts to S.P 1,500,000.

Lebanon and the Overseas Bank contributes 39% of the SOB's capital, the International Funding Corporation ( IFC) with 10% and the Syrian Investors with 51 %.

In statement to SANA, al-Hussein stressed the importance of establishing private banks due to the increased banking services, and to the need to develop the public banks in particular, and banking services in general, to serve the economic development process in Syria.