Syria Licenses 3 Private Banks

DAMASCUS, 26 May 2003 — Syria has licensed three private banks to operate in the country, for the first time since it nationalized all its banks in 1963, Syria’s news agency SANA reported yesterday. Each of the three licensed banks — Syria and Overseas Bank, the Saudi-French BEMO Bank and International Bank for Trade and Finance — has a capital of $30 million, the minimum amount required to operate in Syria, SANA said. Lebanese BLOM Bank has 39 percent of Syria and Overseas Banks capital, while World Bank’s financing arm has 10 percent of the capital, SANA said.