Allows foreign investors to own up to 60% of local banks
04 Jan 2010
On 4 January the Syrian President signed Law No. 3 of 2010 allowing foreign investors to own up to 60 percent of local banks. This measure amended the original 2001 law (No. 28) on private banks that set a 49 percent limit on foreign ownership. The law also allows private banks to raise their capital to U.S $200 million, from a previous cap of US $30 million, while the limit for private Islamic banks is being tripled to US $300 million. The legislation encourages European banks to enter the Syrian market, whereas holding a minority stake had 'represented an obstacle' for foreign investors.
Type:
-
Entry and establishment (Ownership and control)
Industry:
-
Services (Financial and insurance activities)
Inward FDI:
Yes
Outward FDI:
No
Sources:
