Middle East Economic Survey


No 24



Bank Audi Licensed To Operate Private Bank In Syria

The Syrian cabinet last week issued a license to Bank Audi to open a private bank in Syria with a capital of $50mn. The new bank will be 51% owned by Syrian interests in line with the 2001 banking law. On the Syrian side, 26% of the shares of Bank Audi Syrie will be owned by Syrian resident and non-resident businessmen and 25% will offered in an IPO to Syrian citizens. The remaining...