Qatar’s Estithmar Holding has finalised the transfer of a 48.68% stake in Syria’s Shahba Bank to Masaref Holding: wholly owned subsidiary of its financial services and investment division, Estithmar Capital.
The stake was acquired from Banque Bemo Saudi Fransi and Ahli Trust Bank following regulatory approvals. This transaction signifies Estithmar’s entry into Syria’s banking sector, aimed at enhancing Shahba Bank’s financial, operational, and technological capabilities.
Masaref Holding and Shahba Bank
Masaref Holding will collaborate with Shahba Bank’s board and other stakeholders to devise proposals for the bank’s development contingent on obtaining the required corporate and regulatory endorsements.
Among the initiatives being considered is a potential capital increase for Shahba Bank to bolster its financial standing and lending capacity. This expansion may also extend to the bank’s services tailored for individuals, corporates, and small to medium-sized enterprises.
Central Bank of Syria Support
The Central Bank of Syria expressed support for this investment, noting that new institutional capital can enhance the banking sector’s overall capacity, provided that efforts adhere to legal, regulatory, and governance frameworks.
Estithmar indicated that Masaref is weighing plans to extend the bank’s branch network across various Syrian governorates in areas with limited banking access, such as Deir ez-Zor, Al-Hasakah, and Qamishli.
Additional proposals include the expansion of trade finance, payment, and remittance services, alongside products aimed specifically at small and medium-sized enterprises.
The CEO of Estithmar Holding highlighted that this stake transfer represents a significant milestone, reinforcing the firm’s leadership within the region’s financial landscape.
With a market capitalisation exceeding USD 5B the group aims to advance its long-term investment strategy while demonstrating robust confidence in Syria’s economic recovery and in developing institutions that foster sustainable growth.
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