Lebanese banks to open in Syria
Societe Generale Libano-Europeenne de Banque (SGLEB), Fransabank and Banque Europeenne pour le Moyen-Orient (BEMO) have been granted permission to operate in Syria’s free-trade zones as they all met the required conditions.
Moreover, Byblos Bank, British Arab Commercial Bank and Bank of Beirut and the Arab countries (BBAC) are in the process of obtaining similar licenses. Syrian authorities have authorized foreign banks to open-up the state-controlled banking sector and to set themselves up in the free-trade zones, provided they each had a minimum capital of $11m.
However, there will be restrictions on these banks’ activities, as they will only be allowed to provide services to the industrial, commercial and transportation firms that are located in the free-trade zones. — ( Banque du Liban et d'Outre-Mer Sal )
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