Syrian Commercial Bank

completed

The project consists of structuring and establishing the first private sector banking institution in Syria: the Syrian Commercial Bank (SCBank or, the bank), since the nationalization of the sector in 1961. The bank would be capitalized at $30 million, with Blom Bank of Lebanon as the technical partner, exercising managerial control with 39% equity, a group of reputable Syrian businessmen with 51%, and IFC with 10%. The project will help meet the needs of private enterprises and increase the level and efficiency of financial intermediation in Syria. It is envisaged that this new joint venture bank will be a "best practices" model that will disseminate modern banking techniques, upgrade standards, promote competition, and increase the efficiency of the domestic banking system. SCBank would provide modern commercial banking products which are currently unavailable to domestic retail and corporate customers. Particular emphasis would be placed on providing services to SMEs, which constitute the majority of economic activity in the country.