Commercial Bank of Syria

The Commercial Bank of Syria (Arabic: المصرف التجاري السوري‎) is a fully government owned bank in Syria. It is the largest commercial bank in Syria with its headquarters in Damascus. The Commercial Bank accounts for the highest assets share in the banking sector, amounting to 37% of all bank assets at the end of 2017.[1]

Commercial Bank of Syria
TypePublic
IndustryBanking, Financial services
Founded1967
HeadquartersYoussef Al-Azmeh Square, Damascus, Syria
Area served
Syria and abroad
Key people
Muhammad Murtada (Chairman),
D. Dergham (CEO)
ProductsCredit cards, consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, private equity, savings, Securities, asset management, wealth management
470 m$
OwnerGovernment of Syria (100%)
Number of employees
4000
SubsidiariesSLCB
Websitewww.cbs-bank.sy

The bank offers commercial banking services including long-term loans in Syrian pounds, armored car service, and collections services. The bank has dozens of branches and ATM's throughout Syria.

In 1966, the state achieved complete ownership of commercial banking in Syria by merging all existing commercial banks into a single consolidated Commercial Bank of Syria. In 1974, the Commercial Bank incorporated in Lebanon the Syrian-Lebanese Commercial Bank, in which it owns 85%. Until the 2010s, the Commercial Bank was the only bank in Syria allowed to deal with foreign currency, and allowed and able to finance foreign trade.

Sanctions
Main article: Syrian Civil War

Following the outbreak of the Syrian Civil War, on August 2011, the Office of Foreign Assets Control of the U.S Department of the Treasury designated the bank as Specially Designated Nationals. OFAC designated the bank and its Lebanese subsidiary under the authority of Executive Order 13382 (signed on June 29, 2005), which is aimed at "disrupting the activities of weapons of mass destruction proliferators and their sources of support".[2][3] The European Union also imposed sanctions on the bank on October 2011 with its assets frozen.[4]

References
  1. http://www.scbdi.com/en/Article83/The-Banking-Sector-in-Syria-in-2018
  2. "OFAC Names the Commercial Bank of Syria, the Syrian Lebanese Commercial Bank and Syriatel as Specially Designated Nationals; Additional Sanctions Against Syria Expected, Stepote&Johnson". Steptoe.com. Archived from the original on 2013-09-21. Retrieved 2013-02-04.
  3. "US slaps sanctions on Syria's largest commercial bank, Now Lebanon, August 10, 2011". Nowlebanon.com. Archived from the original on August 30, 2011. Retrieved 2013-02-04.
  4. "EU adds Commercial Bank of Syria to sanctions list, Ahram Online". English.ahram.org.eg. 2011-10-13. Retrieved 2013-02-04.


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