Estithmar Holding has completed the acquisition of a 48.68 percent stake in Syria’s Shahba Bank through its financial subsidiary, Masaref Holding. The transaction, finalized after receiving required regulatory approvals, involved purchasing the shares from Banque Bemo Saudi Fransi and Ahli Trust Bank.
With this acquisition, Masaref Holding has become a principal shareholder in Shahba Bank. The company plans to work closely with the bank’s board to explore a range of strategic initiatives. These include potential capital increases, expanding the branch network into underserved Syrian governorates such as Deir Ez-Zor, Hasakah, and Qamishli, as well as enhancing digital banking services, small and medium-sized enterprise (SME) financing options, and cybersecurity frameworks. Proposed projects remain contingent on feasibility studies, approvals by corporate governance bodies, and additional regulatory consents.
Moutaz al-Khayyat, chairman of Estithmar Holding, stated that the investment underscores confidence in Syria’s economic potential. He emphasized the group’s long-term vision for Shahba Bank, aiming to strengthen its capabilities and provide modern, efficient banking services to individuals and businesses while supporting national economic development.
The Central Bank of Syria’s governor, Muhammad Sawaf Raslan, welcomed the entry of new institutional investors into the Syrian banking sector as a positive development. He highlighted the importance of serious investments that comply with governance, risk management, and regulatory standards, and that contribute to technology transfer, infrastructure development, and the expansion of banking services. Raslan also indicated openness to studying further initiatives aimed at building a stronger, more efficient, and inclusive banking system, subject to compliance with legal and regulatory frameworks.
Bassel Chaddad, group CEO of Estithmar Holding, described the acquisition of Shahba Bank shares as a pivotal step in reinforcing the company’s leadership in the regional financial sector. He noted that Estithmar Holding, with a market capitalization exceeding $5 billion, remains committed to its long-term investment strategy, reflecting a firm belief in Syria’s economic recovery and institution-building efforts necessary for sustainable growth. Chaddad said Masaref Holding would act as a strategic shareholder by leveraging institutional expertise to improve Shahba Bank’s financial, operational, and technological performance.
Fadi al-Faqih, CEO of Estithmar Capital, said the deal marked the beginning of a new phase in the group’s engagement with Shahba Bank. Through Masaref Holding, they intend to apply their financial sector expertise to support the bank’s evolution by working with its board and governance structures to introduce modern banking products and services. These efforts aim to strengthen Shahba Bank’s position within Syria and internationally, in line with established governance frameworks.