The Bahrain-based Islamic banking conglomerate, Al Baraka Banking Group (ABG), said Saturday that it had received Syrian approval to establish a subsidiary bank with a capital of 100 million dollars.
The bank, which will be known as Al Baraka Bank-Syria, will provide full Islamic banking products and services for both private individuals and companies through a network of branches in Syria's main cities.
The authorized capital of the bank, which is expected to start its operating by late 2007, will be subscribed by both founders and shareholders in public offering.
ABG's CEO Adnan Ahmad Yousif said the group was looking forward to establishing itself on the Syrian market. The nation had witnessed positive economic and financial development leading to an excellent investment environment, he said.
In addition, huge funds are being invested in infrastructural and development projects in Syria creating many opportunities for banks and investors.
He added that the successful IPO, which had increased the equity of the ABG Group to about 1.2 billion dollars, has enabled the group to expand into new international markets.
Via Monsters and Critics.