Leading Lebanese banks, which have struggled with recession for the past two years, have higher hopes of expanding their business to Syria after President Bashar Assad gave the green light for private banks to enter that country, the Daily Star reported Wednesday.
Assad’s decision at the weekend is regarded as the single largest step taken so far in his program of opening up the Syrian economy to foreign investment.
The proposal, which sets rules and guidelines for private banks, is expected to be officially approved by the Syrian Parliament before the end of the year the daily said.
The speed with which the draft law was issued took some Lebanese bankers by surprise.
Saad Andary, the executive advisor to the chairman of Bank of Beirut and the Arab Countries, described the draft law as “revolutionary.”
“I personally feel it is very important to establish a foothold in Syria,” Andary was quoted by the paper, “because the government banks there are very backward." -- Albawaba.com
© 2000 Al Bawaba (www.albawaba.com)
