Estithmar subsidiary buys 49% stake in Syria’s Shahba Bank

A subsidiary of Qatar-listed Estithmar Holding has acquired a 49 percent stake in Syria’s Shahba Bank, formerly known as Byblos Bank Syria, marking the first foreign banking acquisition since US sanctions were lifted late last year.

The stake, acquired by Masaref Holding in the last week of April, will boost the parent company’s regional expansion strategy in the financial services sector.

The stake sellers include Bemo Saudi Fransi Bank and Ahli Trust Bank, Estithmar confirmed in a statement. 

The deal’s value was not disclosed.

The transaction will be subject to several conditions, including obtaining regulatory approvals from the Central Bank of Syria, the Syrian Commission on Financial Markets and Securities, and the Competition Protection and Anti-Monopoly Commission.

Global law firm White and Case was an adviser to Estithmar Holding.

The transaction is the first material merger and acquisition transaction involving financial institutions in Syria following the recent political transition, said White and Case partner Charbel Abou Charaf.

Estithmar’s vice chairman and president, Ramez Al Khayyat, and chairman, Moutaz Al Khayyat, own 19.82 percent and 19.38 percent stakes, respectively, according to the company’s annual report for 2025.

Last month, Estithmar reported revenues of QAR1.5 billion ($412 billion) in the first quarter of 2026, up 11 percent annually, while net profit rose 97 percent year-on-year to QAR333 million.

Further reading:

• Qatari company launches first local currency sukuk
• IMF glimpses rays of hope for Syrian economy
• UAE tycoon to unveil multibillion-dollar projects in Syria