Arab banks receive initial authorization to operate in Syria
The Syrian government has authorized five private Arab banks to open shop in the country, including Lebanon's Banque du Liban Et D'Outre Mer (BLOM) and Jordan's Arab Bank. The preliminary approval allows for the establishment of private banks, which are at least 51 percent Syrian-owned.
Final licenses are expected to be issued in the first quarter of 2003, reported the official Syrian news agency SANA. Nationalized in 1963, Syria’s banking sector has been lined up for liberalization by President Bashar Al-Assad who assumed office in July 2000, succeeding his late father Hafiz Al-Assad. — (menareport.com)
© 2002 Mena Report (www.menareport.com)