ByREUTERS

Qatari group Estithmar Holding is set to take control of Syria's Shahba Bank and take a 30% stake in Syrian International Islamic Bank, four people familiar with the matter said, marking the first foreign banking acquisitions in Syria since the fall of former leader Bashar al-Assad.

The move, which follows the lifting of US sanctions on Syria late last year, comes as the country's central bank tries to recapitalise a banking sector severely impaired by 14 years of war and Western sanctions.

Estithmar, part of the Doha-based Power International Holding conglomerate led by the Syrian-Qatari brothers Moutaz and Ramez Al-Khayat, will acquire a controlling 60% stake in Shahba after buying out the shares of Banque Bemo Saudi Fransi and Ahli Trust Bank, according to three people.

"They have a very ambitious plan for the bank by enhancing the capital and facilitating communication with correspondent banks," one of the sources, who is familiar with Shahba Bank's thinking, said.

Another 30% of SIIB is already held by Qatari partners, according to a person with direct knowledge of the matter.

Old Syrian banknotes with the image of ousted ruler Bashar al-Assad (top) are pictured next to new bank notes released and distributed by the Central Bank, in the capital Damascus on January 3, 2026.
Old Syrian banknotes with the image of ousted ruler Bashar al-Assad (top) are pictured next to new bank notes released and distributed by the Central Bank, in the capital Damascus on January 3, 2026. (credit: Bakr ALKASEM / AFP via Getty Images)

Bemo, ATB, and SIIB did not immediately respond to requests for comment.

The acquisitions are still subject to regulatory approval.

Syrian bank consider stake sales amid sector restructuring

Syrian Central Bank Governor Abdelkader Husrieh said he could not comment on these matters, as they remain confidential.

"That said, the Central Bank welcomes any potential restructuring or market-led initiatives that strengthen the stability, resilience, and sound governance of the banking sector, provided they fully comply with applicable laws and regulatory requirements," he told Reuters.

The acquisitions would add to the Khayats' growing portfolio of projects and investments, including contracts for power generation projects in Syria and for the redevelopment and expansion of Damascus Airport.

The sources said ATB and Bemo would use proceeds from the sale of their stakes in Shahba Bank to inject capital into their own banks, which have been hit by exposure to Lebanon's financial crisis.