Top List of Banks in Syria
Banks in Syria started as a very low-rated sector of the Syrian economy. The improvement started in the late 90s and reached its lowest point during the war, but still, in 2016, the banked population rate was more than 91 % because banks started to offer new and more attractive services like mobile banking.
The Bank of Syria offers a locally-driven strategy and innovative portfolio of investments, developed through a close partnership with the US Agency for International Development's Private Capital Group for Africa and the Middle East. Banks in Syria have seen rapid growth within the last decade due to new policies from the Syrian government. With a favorable business environment and market-oriented economy, Syria has become the perfect target for banks to expand their services. Here are some of the fastest-growing banks in Syria.
Commercial Bank of Syria
The Commercial Bank of Syria is the first bank in Syria, located on Azmeh Square, Damascus. It was established in 1967 and is one of the major banks in the country. The bank covers all areas of Syrian banking simultaneously, including financial services and credit cards and electronic banking services in addition to all related fields such as investments, leasing, and real estate management.
The Commercial Bank of Syria is a state-owned bank with headquarters in Damascus. It is the third-largest bank in Syria by assets, and it also offers loans, mortgage services, and funds transfers. It has a total asset of SYP 1.86 trillion.
Byblos Bank is a full-service commercial bank providing a wide range of financial products and services to corporations, financial institutions, and individuals. Founded in 1963, Byblos Bank operates today through a network of 77 branches in Lebanon and subsidiaries and affiliates across Lebanon, Syria, Cyprus, Liberia, Singapore, France, and the United Arab Emirates.
With a network of 100 branches and representative offices, Byblos Bank has grown to attain a leading position in crucial banking markets throughout Syria and worldwide. As of December 31, 2017, Byblos Bank's consolidated balance sheet stood at US$22.7(SYP 57.03 trillion) billion, while assets under management amounted to US$23.2 billion.
Syria Gulf Bank
Syria Gulf Bank was established in 2006 as Syria's first private bank. It has contributed to restoring the Syrian national economy after the years of the war through financing and banking services and supporting entrepreneurship for economic growth. Its most important activities are corporate banking and credit card services. The bank is located in Damascus, Aleppo, and Abu Dhabi.
Licensed as a bank for all kinds of domestic and international banking operations. At the heart of the bank is fair treatment to all parties connected to the banking system, whether customers or competitors, employees or partners. The bank operates through a network of 32 branches and offices distributed all over the countries compatible with international standards and specifications. Its assets stand at SYP 58.523 billion.
Bank of Syria and Overseas
Bank of Syria and Overseas is a large financial services institution. The Bank's principal activities include commercial banking services, including current accounts, savings accounts, pensions, other deposits, securities and precious metals trading, banknotes, coins issuance, financing, and project consulting. This bank was established in 20004. Bank of Syria and Overseas provides products to retail banking customers and small businesses, including lending such as deposits, cash management, trade finance, wealth management, and financial advisory services. The Bank has subsidiaries in France, Nigeria, and Luxembourg. Its total assets stand at SYP 195.224 billion.
Bank Audi Syria
Bank Audi Syria is a subsidiary of Bank Audi s.a.l., the largest Lebanese banking institution. The bank provides individuals and corporate clients with a wide range of international and local products and services, such as loans, current accounts, savings accounts, credit cards, insurance, and investment banking. Bank Audi Syria has a network of 12 branches and over 200 ATMs located in the major cities across Syria, offering customers around-the-clock services. The bank reported an asset of SYP 105.171 billion as of 2016.
Fransabank Syria has grown from a market of 10 employees in 2008 to more than 300 highly educated, dedicated, and professional employees with expertise in all aspects of banking services. Its commitment to quality customer service and wide range of services have made it a leading bank in Syria. Fransabank Syria is a joint-stock bank established in 2008 in accordance with the Law and its amendments as a public limited company under the name Fransabank Syria SAL. Fransabank provides all traditional banking activities and some excellent added-value services with a countrywide network of branches. It has an asset of SYP 117.171 billion (USD 46.6 million).
Qatar National Bank-Syria
Qatar National Bank-Syria is a subsidiary of Qatar National Bank QPSC. It is one of the leading commercial banks in Syria. The bank offers a range of products such as current and savings accounts, loans, credit cards, safe deposit boxes, overdrafts, electronic banking services, and others. It also provides foreign exchange services such as buying and selling foreign currencies, telex transfers, etc. Qatar National Bank-Syria was established in 2009, and since then, it has been operating in Syria with branches spread across different cities. It has an asset of SYP 106.995 billion (USD 42.2 million)
Al Baraka Bank-Syria
Al Baraka Bank-Syria is a banking corporation licensed by the Central Bank of Syria. Al Baraka Bank-Syria started its activity in 2009. It offers savings accounts, car funding, personal installment loans, credit & debit cards, corporate finance. The company is based in Damascus, Syria. Al Baraka Bank-Syria is a Syria-based financial institution that conducts its business through a network of 2 branches and 7 ATMs distributed throughout Syria. It offers banking products and services to corporate, financial institutions, individual and high net-worth individuals' customers. It has an asset of SYP 247.082 billion (USD 98.3 million).
Syria International Islamic Bank
Syria International Islamic Bank is a commercial bank in Syria, headquartered in Damascus and established in 2007. The bank obtained its license from the Central Bank of Syria to function as a private shareholding company on May 23, 2007. The bank's primary shareholders are Kuwait, Saudi Arabia, and Qatar.
The bank offers its customers both retail and corporate banking products and services and other services such as credit cards, funds transfer, safe deposit boxes, foreign exchange services, and remittances. The bank serves businesses, retailers, and private customers. The bank manages several branches within and outside the country with an asset of SYP 201.289 billion (USD 80.01 million)
Cham Bank is Syria's leading domestic private commercial bank with a network of branches, ATMs, and correspondent banks worldwide. Established as an investment bank in 2006. The bank offers different services and products, such as deposits and loans, retail banking, internet banking, cards, wealth management, and e-banking services. In addition, it provides project finance and management, private banking services, and investment banking. Its assets are around SYP 187.00 billion.
Can I send money to Syria?
Unfortunately, money cannot be sent to Syria. Even if you have a friend or family in Syria who desperately wants funding, sending money to a sanctioned country is illegal in most countries.