Qatar National Bank introduces 33% of Qatar National Bank - Syria for IPO

In an interview with CNBC Arabiya, Ali Ahmed Al Kuwari, Executive General Manager and Chief Business Officer at Qatar National Bank, confirmed that the Board of Directors has agreed to the broader plans put forward to finalise the IPO next May, after obtaining the required approvals from the Central Bank of Syria.

Qatar National Bank, the largest bank in Qatar in terms of assets and market value, owns 49% of the new bank's capital, valued around $100m, while other Syrian government organisations own 15.5% and 3% owned by the private sector.

The Syrian cabinet agreed in January last year to establish The Qatar National Bank - Syria as a joint company with a capital of SYP5bn divided into 10 million registered shares, with each share valued at SYP500.

Qatar National Bank manages the new bank which will be headquartered in Damascus, and will expand to open more branches in other governorates and districts, with plans to expand outside Syria.

The banking sector in Syria has witnessed major reforms since Bashar Al Assad became President of Syria in 2001. Since then, the government has been seeking ways to gradually liberate the government-dependent economy. Syria has witnessed increased interest from GCC-based financial corporations since it opened its doors to foreign investments four years ago.