Middle East Economic Survey


No 12



Syria And Iran To Set Up Joint Venture Bank

Commercial Bank of Syria (CBS) and Bank Saderat Iran have teamed up to set up a joint venture bank in Syria the Syrian Iranian Commercial Bank. The two state-owned banks, which are under US sanctions, will hold 25% each of the proposed capital of S1.5bn ($32mn) of the new entity. Other shareholders in the bank consist of Ghadir Investment Company, a Bank Saderat Iran subsidiary; SAIPA, the...