Syria on 29 April granted licences to three private banks to begin operations in the country. The three had already been granted preliminary approval pending the completion of a final study by a government panel. The three banks are: Lebanon's Banque de Liban et d'Outre Mer (BLOM), with participation form the World Bank's private sector financing arm, the International Finance Corporation; Lebanon's Banque Europeenne pour le Moyen Orient (BEMO), with Saudi Arabia's Banque Saudi Fransi; and the Housing Bankof Jordan. Foreign partners in the banks will hold a maximum 49 per cent stake with the remainder being held by local investors. Another two banks have been granted preliminary approval - Jordan's Arab Bankand a Bahraini bank. Announcing the licences, Syrian Economy Minister Ghassan Rifai said that a decree stipulating the awards would be issued within days, and the three banks would then have a year to begin operations before the licences become void.