Doha, 15 November 2009 – QNB announced that it will commence operations in Syria, tomorrow the 15th of November 2009, with the opening of the first branch of QNB-Syria in Damascus, located on Baghdad Street.
QNB-Syria plans to progressively expand its presence across the country to include 15 branches by the end of 2010.
QNB-Syria will offer a full range of Retail, Corporate, Investment, Treasury and Wealth Management products and services.
Syria is a major growth market for QNB and the Bank’s presence in the country is an important element of its international expansion strategy.
Bilateral trade relation between Qatar and Syria are rising and an increasing number of investment opportunities and projects are being implemented by Qatari corporate. As such, QNB-Syria is expected to play a key role in promoting Qatari and Syrian investments and partnerships that will benefit both countries.
QNB-Syria concluded its Initial Public Offering on August 10, 2009, raising SYP 1,700 billion ($34 million), representing 34% of the shares available to the public for subscription. The IPO was well received by investors and was very successful given that it was oversubscribed by almost three times.
QNB-Syria has a total authorized capital of $100 million, with QNB having a 49% stake of share capital, while Syrian government organizations and private investors together owning the remaining 17%.