Doha, September 17 (QNA) - Estithmar Holding QPSC announced that its financial arm, Masaref Holding LLC, has finalized the acquisition of a 48.68 percent stake in Syria's Shahba Bank from Banque Bemo Saudi Fransi and Ahli Trust Bank following regulatory approvals.

As a principal shareholder, Masaref Holding plans to collaborate with Shahba Bank's board to evaluate proposals for capital increases, branch network expansion across under serviced Syrian governorates such as Deir Ez-Zor, Hasakah, and Qamishli, and enhanced digital banking, SME financing, and cybersecurity frameworks. All initiatives remain subject to feasibility studies, corporate approvals, and regulatory consent.

Chairman of Estithmar Holding Moutaz Al Khayyat said the completion of this investment reflects their confidence in Syria's economic potential and Estithmar Holding's approach to identifying strategic opportunities that contribute to sustainable growth.

He added that they hold a long-term vision for Shahba Bank and look forward to contributing to its capabilities and development, enabling it to provide modern and efficient banking services that meet the evolving needs of individuals and businesses, while supporting the Syrian economy.

Governor of the Central Bank of Syria Muhammad Safwat Raslan said the entry of new institutional investments into the Syrian banking sector represents a positive step toward enhancing its capabilities and role in serving the national economy.

He welcomed the serious investments that adhere to governance, compliance, and risk management standards, and contribute to knowledge transfer, technological infrastructure development, and the expansion of banking services.

He also welcomed studying initiatives and proposals that would contribute to building a stronger, more efficient, and inclusive banking sector, within approved institutional frameworks and after fulfilling legal and regulatory requirements and obtaining necessary approvals.

Group CEO of Estithmar Holding Bassel Chaddad remarked that the transfer of Shahba Bank's stake marks a decisive step reinforcing Estithmar Holding's leadership in the regional financial sector. With the company's market capitalization exceeding USD 5 billion, they move forward in executing their long-term investment strategy, backed by firm confidence in the recovery of the Syrian economy and in building supporting institutions for sustainable growth.

Through Masaref Holding, he said, they will act as a strategic shareholder, working alongside Shahba Bank's board and other shareholders to leverage their institutional expertise to elevate financial, operational, and technological performance.

CEO of Estithmar Capital Fadi Al Faqih said completing this investment marks the beginning of a new phase in their contribution to Shahba Bank.

Through Masaref Holding, he explained, they look forward to applying their expertise in the financial services sector to support the bank's development.

As a shareholder, he indicated, they will collaborate with the bank's board and corporate bodies to study and introduce modern banking products and services that serve the Syrian economy and strengthen its standing locally and globally, under established governance frameworks. (QNA)