Middle East Economic Survey


No 33



Bank Audi Syries IPO 10 Times Oversubscribed

The Central Bank of Syria (CBS) announced on 9 August that Bank Audi Syrie had raised S6.177bn ($115mn) in an oversubscribed IPO of shares which was meant to raise S625mn ($11.7mn). The IPO, set at 25% of the banks capital of $50mn, was open for 10 days to Syrian nationals residing inside and outside the country. The license to open a private bank in Syria was given to Bank Audi of...