A Saudi-French bank in Syria .. Here are the details

Despite the US Sanctions Act on Syria (Caesar), which prompts many companies and entities to refrain from doing business inside Syria, Saudi Arabia decided to “strengthen” its presence in Damascus through the investment banking portal, specifically “Bemo Saudi Fransi” which owns a large portion Its shares include a Saudi bank. The decision, even if its title is financial, and although its financial value is not large (banking sources estimate the value of the deal at less than $ 30 million), but it carries political connotations, in terms of a Saudi company expanding its investments in Syria at an international-regional time that is pressing on Damascus.

Yesterday, “Bank Bemo Saudi Fransi” wrote to the Syrian Financial Markets Authority, in a decision bearing No. A / 2021/395, to disclose the decision of the Board of Directors to purchase a share of the National Credit Bank (i.e. TBB) S.A.A.A. (Previously “Audi”), which is equivalent to 27 million and 634 thousand and 443 shares, representing 46.04% of the bank’s capital, which was executed on March 29, 2021, through several huge deals in accordance with the instructions issued by the Damascus Stock Exchange, according to what was mentioned in the book.

The news is considered a continuation of the decision issued in January related to the approval of the Presidency of the Syrian Council of Ministers to change the name of “Bank Audi” to “National Credit” after the purchase of Bank “Bemo Saudi Fransi” 49% of the shares.
“Bemo Saudi Fransi” was established in 2004 in Syria, and it was the first private Syrian commercial bank to be established in Damascus. Its shares are divided between 27% of the “Saudi Fransi” bank (a Saudi company), and 22% of Banque Bemo Lebanon, while the other shareholders hold 51%.
The Lebanese Bank “Audi” had sold its entire share in Bank Audi Syria, under the title of easing the risks of US sanctions.

Source: News

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