UAE banks to open branches in Syria
Two Eminarti banks are to open branches in Syria, reported the daily newpaper Tishrin on Monday, March 19.
Khalifa Nuaimi, the CEO of Abu Dhabi Commercial Bank told newspapers that the bank’s aim is to enter the Syrian market as it is presently experiencing “a positive business climate.” ADCB plans to first carry out research of the developing 17-million-people Syrian market, so as to develop methods of attracting capital and encouraging investments. The Syrian government recently passed laws enabling private banks to operate in the country under full banking secrecy, and allowing the establishment of a stock exchange.
Abu Dhabi National Bank, the largest in the United Arab Emirates, is also considering opening branches in Syria.
In August of last year, four Lebanese banks were for the first time given the green light to operate in Syria.
The Syrian banking sector was nationalized in 1963, when the ruling Baath party took power. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)