Qatari group Estithmar Holding is all set to take control of Syria’s Shahba Bank, apart from acquiring a 30% stake in Syrian International Islamic Bank, stated a Reuters report. The move will result in the first foreign banking acquisitions in the Middle East country since the fall of former leader Bashar al-Assad.
The move, which follows the lifting of American sanctions on Syria in 2025, comes as the country’s central bank tries to recapitalise a banking sector severely impaired by 14 years of war and Western restrictions.
Estithmar Holding, part of the Doha-based “Power International Holding” conglomerate led by the Syrian-Qatari brothers Moutaz and Ramez Al-Khayat, will take a controlling 60% stake in Shahba after buying out the shares of Banque Bemo Saudi Fransi and Ahli Trust Bank.
“They have a very ambitious plan for the bank by enhancing the capital and facilitating communication with correspondent banks,” one of the sources, who is familiar with Shahba Bank’s decision-making process, told the media outlet.
Also, 30% of SIIB is currently held by Qatari partners, but the acquisitions still require regulatory approval.
Syrian Central Bank Governor Abdelkader Husrieh, while reacting to the report, refused to give out details, citing “confidentiality.”
“That said, the Central Bank welcomes any potential restructuring or market-led initiatives that strengthen the stability, resilience, and sound governance of the banking sector, provided they fully comply with applicable laws and regulatory requirements,” the senior official remarked.
The acquisitions would add to a growing portfolio of projects and investments by the Khayats, whose companies already have contracts in the war-ravaged Middle Eastern country, in crucial domains like power generation, apart from the project involving redeveloping and expanding Damascus airport. ATB and Bemo, on the other hand, would use proceeds from the sale of their stakes in Shahba Bank to inject capital into their financial institutions, which have been hit by exposure to a financial crisis in neighbouring Lebanon.