Qatar National Bank (QNB) has commenced its operations in Syria with the opening of the first branch of QNB-Syria in Damascus. 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.
QNB-Syria plans to progressively expand its presence across the country to include 15 branches by the end of 2010. The bank will offer a full range of retail, corporate, investment, treasury and wealth management products and services.
QNB-Syria is expected to play a key role in promoting Qatari and Syrian investments and partnerships that will benefit both countries.
QNB-Syria has a total authorized capital of $100m, with QNB having a 49% stake of share capital, while Syrian government organizations and private investors together owning 17%.
