Banking: Arab Bank opens first Syrian branch

The Arab Bank, has opened its first branch in Syria. The "Arab Bank-Syria" has an estimated capital of around $30 million and the bank hopes to establish other branches in Syria.

Arabic News.com, reports that, "Deputy chairman of the Bank board of directors Muhammad Abdul Salam Haikal, said that the presence of the Arab Bank in the Syrian market through the Arab Bank-Syria constitutes an important step to ensuring promising potentials and the encouraging environment for the Syrian economy."

The new bank is the country's first foreign bank with private assets and 51% Syrian share holders and 49% by the Arab Bank