Estithmar Holding Q.P.S.C. announced the completion of the transfer of a 48.68% stake in Shahba Bank to Masaref Holding LLC, subsidiary of Estithmar Capital, Estithmar Holding’s financial services and investments arm.
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Estithmar Holding Announces Completion of 48.68% Stake Transfer in Shahba Bank to Masaref Holding, a Subsidiary of Estithmar Capital (Photo: AETOSWire)
As a shareholder, Masaref Holding intends to support the assessment of proposals aimed at strengthening Shahba Bank’s financial, operational and technological capabilities, including potential capital enhancement, branch network expansion, and the development of products and services for individuals, businesses and SMEs.
The proposals may include modernizing banking and operational systems, develop digital services, and strengthen governance, compliance, risk management and cybersecurity to enhance operational efficiency, service quality and customer experience. All proposals will remain subject to feasibility studies, Shahba Bank Board decisions, relevant General Assembly approvals, and applicable regulatory and supervisory approvals.
Mr. Moutaz Al-Khayyat, Chairman of Estithmar Holding, said:
“This investment reflects our confidence in Syria’s economic potential and Estithmar Holding’s approach to pursuing strategic opportunities that contribute to sustainable growth. We have a long-term vision for Shahba Bank and aspire to strengthen its capabilities and support its continued development, enabling the Bank to deliver modern and effective banking services that meet the evolving needs of individuals and businesses, while supporting the Syrian economy.”
Mr. Mohammad Safwat Raslan, Governor of the Central Bank of Syria, said:
“The entry of new institutional investment into the Syrian banking sector represents a positive step towards strengthening the sector’s capabilities and its role in serving the national economy. We welcome credible investments that uphold strong standards of governance, compliance and risk management.
Mr. Basel Shaddad, CEO of Estithmar Holding, said:
“The Shahba Bank stake transfer is a decisive step that strengthens Estithmar Holding’s leadership in the region’s financial sector. With our market capitalization now above USD 5 billion, we are advancing our long-term investment strategy with strong confidence in Syria’s economic resurgence and in building institutions that support sustainable growth.”
Fadi Salim Al Faqih, Group CEO of Estithmar Capital, said:
“This investment marks the beginning of a new phase in our shareholding in Shahba Bank. Through Masaref Holding, we will work with the Bank’s Board of Directors and relevant governing bodies to assess initiatives and modern banking products and services that strengthen the Bank’s capabilities and serve the Syrian economy, in accordance with established governance frameworks.”
Source: AETOSWire
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