Three leading banks from the region - the UAE-based Emirates Bank International, Qatar National Bank (QNB) and Bank of Beirut - have joined hands to float a new bank in Syria called Bank Beirut and Emirates.
Salim Sfeir, chairman and general manager of Bank of Beirut, told Gulf News that each partner will hold a 1/3 stake in the new bank, which will be capitalised at Dh110 million ($30 million).
The new bank's operations will commence with one branch by the first quarter of 2005, and there are plans to increase the branch network at a later stage.
Emirates Bank already holds around 10 per cent equity in Bank of Beirut, which has total equity of close to Dh1.1 billion ($300 million).
The new move is in line with Emirates Bank's strategy of boosting its presence in the region rather than going too far from the home country. (menareport.com)
© 2004 Mena Report (www.menareport.com)
