Iran and Syria to open bank in Damascus

03 August 2010

The Syrian cabinet has approved a license for setting up a Syrian-Iranian bank in Damascus, with an initial capital of 1.5bn Syrian pounds (approx. $32m), the Islamic Republic of Iran News Network has reported. Iran's Saderat Bank, Alghadir Co, and Saipa Co, own 25%, 16% and 8%, respectively, of Al-Aman Bank's shares, while the remaining 51% of the shares will be offered to the public through Syria's stock exchange market.

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