Estithmar Holding Q.P.S.C. has completed the transfer of a 48.68 per cent stake in Shahba Bank to Masaref Holding LLC, a subsidiary of Estithmar Capital, the group’s financial services and investments arm.

Following the transaction, Masaref Holding plans to participate in assessing proposals aimed at strengthening Shahba Bank’s financial, operational and technological capabilities.

Potential initiatives include capital enhancement, expansion of the bank’s branch network and the development of new products and services for individuals, businesses and small and medium-sized enterprises (SMEs).

Focus on banking infrastructure and digital services

The proposals under consideration may also include upgrading banking and operational systems, expanding digital services and strengthening governance, compliance, risk management and cybersecurity.

The initiatives are intended to improve operational efficiency, service quality and customer experience.

Estithmar Holding said any proposed measures will remain subject to feasibility studies, decisions by the Shahba Bank Board, relevant General Assembly approvals and applicable regulatory and supervisory approvals.

Company and central bank comments

Moutaz Al-Khayyat, Chairman of Estithmar Holding, said the investment reflects the group’s confidence in Syria’s economic potential and its approach to pursuing strategic investment opportunities.

“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,” he said.

Mohammad Safwat Raslan, Governor of the Central Bank of Syria, said new institutional investment could strengthen the country’s banking sector and its role in supporting the national economy.

“We welcome credible investments that uphold strong standards of governance, compliance and risk management,” he said.

Basel Shaddad, CEO of Estithmar Holding, described the stake transfer as an important step in the group’s regional financial-sector investment strategy. He said the company’s market capitalisation had exceeded $5 billion and pointed to its long-term investment strategy in Syria.

Fadi Salim Al Faqih, Group CEO of Estithmar Capital, said Masaref Holding would work with Shahba Bank’s Board of Directors and relevant governing bodies to evaluate initiatives and banking products and services under established governance frameworks.

Estithmar Holding Shahba Bank Masaref Holding Estithmar Capital Syria banking sector Syrian economy banking investment financial services digital banking Doha