Syria grants licence to Kuwait's NBK bank

Kuwait lender is the sixth Gulf bank to enter the Syrian market in last eight years
Syria grants licence to Kuwait's NBK bank
KUWAITI BANK: The National Bank of Kuwait has been granted a licence to operate in Syria (Getty Images)
By Reuters
Wed 02 Feb 2011 10:54 AM

The
National Bank of Kuwait has been granted a licence to operate in Syria, an
official Syrian statement said on Tuesday, making it the sixth Gulf bank to
enter the nascent market.

The
government also granted a licence to Isbank, Turkey's largest bank, to open a
representative office, the statement said.

The
state relinquished its monopoly on the banking sector eight years ago, and 14
privately owned banks - all subsidiaries of Arab banks - now operate in the
country of 20 million people.

Total
assets in the banking sector amount to 2 trillion Syrian pounds ($43bn), a
small sum compared with neighbouring countries. Syrian state-owned banks hold
around three quarters of the assets.

 

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