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According to Qatar News Agency, Estithmar Holding QPSC stated that its financial arm Masaref Holding LLC has finalized the acquisition of a 48.68 percent stake in Syria’s Shahba Bank from Banque Bemo Saudi Fransi and Ahli Trust Bank. The transfer followed the fulfilment of all conditions and receipt of approvals from Syrian regulators including the Central Bank of Syria. This completion advances the Qatar-listed company’s strategy to deepen its exposure to financial services across the region while supporting development in the Syrian market.
As a principal shareholder, Masaref Holding plans to collaborate with Shahba Bank’s board of directors to evaluate proposals for capital increases and branch network expansion across underserved governorates such as Deir Ez-Zor, Hasakah and Qamishli. The plans also encompass enhanced digital banking services, SME financing and cybersecurity frameworks, according to the company’s announcement. All initiatives will require feasibility studies, corporate approvals and further regulatory consent before proceeding.
Moutaz Al Khayyat, chairman of Estithmar Holding, said, “This investment reflects our confidence in Syria’s economic potential and Estithmar Holding’s approach to pursuing strategic opportunities that contribute to sustainable growth. We have a long-term vision for Shahba Bank and aspire to strengthen its capabilities and support its continued development, enabling the Bank to deliver modern and effective banking services that meet the evolving needs of individuals and businesses, while supporting the Syrian economy.”
Bassel Chaddad, group CEO of Estithmar Holding, remarked that the Shahba Bank stake transfer is a decisive step that strengthens Estithmar Holding’s leadership in the region’s financial sector. “With our market capitalization now above USD 5 billion, we are advancing our long‑term investment strategy with strong confidence in Syria’s economic resurgence and in building institutions that support sustainable growth,” Chaddad said in the statement. The company maintains operations across healthcare, services, tourism, real estate and contracting in more than 10 countries.
Muhammad Safwat Raslan, governor of the Central Bank of Syria, said the entry of new institutional investments into the Syrian banking sector represents a positive step toward enhancing its capabilities and role in serving the national economy. Raslan welcomed the serious investments that adhere to governance, compliance, and risk management standards, and contribute to knowledge transfer, technological infrastructure development, and the expansion of banking services. His comments reflect broader official support for compliant foreign capital inflows following the country’s political transition.
The transaction, initially signed in April 2026, constitutes the first material financial institutions merger and acquisition deal in Syria since the recent political changes and the lifting of U.S. sanctions, White & Case noted in a June 2026 release after advising Estithmar Holding on the matter. A report by AGBI in May 2026 indicated the agreement targeted a stake of approximately 49 percent to support Estithmar’s regional expansion in banking. Estithmar Holding, which also holds contracts for power generation and Damascus airport redevelopment in Syria, reported strong growth in its financial results for the first quarter of 2026.
