Estithmar Holding Q.P.S.C Signs Agreement to Own 49% Stake in Syria's Shahba Bank Through Its Subsidiary Masaref Holding

Estithmar Holding Q.P.S.C. has signed an agreement to invest in Shahba Bank through its subsidiary Estithmar Capital. Under the deal, concluded this morning in Damascus, Masaref Holding, a subsidiary of Estithmar Capital, will take a 49% stake in Shahba Bank, marking a further step in Estithmar Holding’s regional expansion and deepening exposure to the financial services sector.

Masaref Holding LLC signed the agreement with representatives of Bemo Saudi Fransi Bank and Ahli Trust Bank.

The conclusion of the transaction will be subject to several conditions precedent that the parties are required to fulfill. Most notably, these include obtaining the necessary regulatory approvals from the competent authorities in the Syrian Arab Republic, including the Central Bank of Syria, the Syrian Commission on Financial Markets and Securities, and the Competition Protection and Anti-Monopoly Commission.

Click here to download attachment