RIYADH, 31 December 2002 — In a major move to expand its domestic and foreign operations, a premier bank of the Kingdom —Banque Saudi Fransi (BSF) —has applied for a banking license in Syria, while planning at the same time to open several new branches in the Kingdom.
The new bank in Syria could be 49 percent owned by foreign entities with the balance to be held by Syrian nationals as per Syrian regulations.
"At least four new BSF branches will also be opened in the near future inside the Kingdom", Abdulrahman Amin Jawa, BSF's managing director told newsmen after unveiling a new modernized identity of the BSF. "The evolution of the bank's new look reaffirms the success of the past and the present as well as maintains the marks and symbols that lent to the visual recognition of the brand by its customers," said Jawa while launching the new logo and identity.
The bank will now be known as Banque Saudi Fransi instead of AlBank AlSaudi AlFransi.
The bank has launched this new identity within framework of a comprehensive plan to introduce the new logo on all fronts.
"We have introduced the red color in the logo to affirm the strong partnership between France-based Credit Agricole Indosuez and Banque Saudi Fransi and we introduced the new Latin name, which reflects three languages French, Arabic and English, said Jawa.
Referring to the bank's future expansion plan, the latest issue of the bank's journal 'Perspectives' said that the initial capital for the new bank to be opened in Syria is contemplated at $30 million.
The BSF is credited with managing the SR255 million private placement scheme for the National Petrochemical Industrialization Company (NPIC) and SR225 million for the Saudi Polyolefins Company project.
