Summary of Proposed Investment
Project Number
10930
Company Name
BANK OF SYRIA AND OVERSEAS
Date SPI Disclosed
Nov 5, 2001
Country
Syrian Arab Republic
Industry
Financial Markets
Projected Board Date
Dec 5, 2001
Status
Completed
Sector
Commercial Banking - General
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Apr 16, 2002
Signed : May 8, 2002
Invested : Oct 7, 2003
Project Description
The project consists of structuring and establishing the first private sector banking institution in Syria: the Syrian Commercial Bank (SCBank or, the bank), since the nationalization of the sector in 1961. The bank would be capitalized at $30 million, with Blom Bank of Lebanon as the technical partner, exercising managerial control with 39% equity, a group of reputable Syrian businessmen with 51%, and IFC with 10%.
The project will help meet the needs of private enterprises and increase the level and efficiency of financial intermediation in Syria. It is envisaged that this new joint venture bank will be a "best practices" model that will disseminate modern banking techniques, upgrade standards, promote competition, and increase the efficiency of the domestic banking system. SCBank would provide modern commercial banking products which are currently unavailable to domestic retail and corporate customers. Particular emphasis would be placed on providing services to SMEs, which constitute the majority of economic activity in the country.
The project will help meet the needs of private enterprises and increase the level and efficiency of financial intermediation in Syria. It is envisaged that this new joint venture bank will be a "best practices" model that will disseminate modern banking techniques, upgrade standards, promote competition, and increase the efficiency of the domestic banking system. SCBank would provide modern commercial banking products which are currently unavailable to domestic retail and corporate customers. Particular emphasis would be placed on providing services to SMEs, which constitute the majority of economic activity in the country.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Samer Azhari
General Manager
BLOM Bank
Verdun, Rachid Karami Street
BLOM Bank Building
P. O. Box 11-1912
Riad El Solh
Beirut, 1107 2807, Lebanon
Phone: (961-1)743-300
Fax: (961-1)738-946
General Manager
BLOM Bank
Verdun, Rachid Karami Street
BLOM Bank Building
P. O. Box 11-1912
Riad El Solh
Beirut, 1107 2807, Lebanon
Phone: (961-1)743-300
Fax: (961-1)738-946