Estithmar Holding announces completion of 48.68% stake transfer in Shahba Bank to Masaref Holding, a subsidiary of Estithmar Capital

Doha, Qatar: Estithmar Holding Q.P.S.C., a major player on the Qatar Stock Exchange with an approximate value of USD 5 billion, has announced the successful transfer of a 48.68% stake in Shahba Bank to Masaref Holding LLC. Masaref Holding, a wholly owned subsidiary of Estithmar Capital's financial services and investments arm, made the transfer from Banque Bemo Saudi Fransi and Ahli Trust Bank after meeting all necessary conditions and receiving all required regulatory approvals.

This strategic move marks a significant milestone in Estithmar Holding's expansion across the financial services sector in the region, showcasing the Group's unwavering confidence in Syria's economic potential and commitment to bolstering the country's banking capabilities. The 48.68% stake transfer aims to leverage Masaref Holding's institutional expertise and resources to support Shahba Bank's ongoing development, aligning with their shared vision of strengthening the Bank's financial, operational, and technological capacities.

Masaref Holding is poised to support Shahba Bank's capital increase proposal, which seeks to fortify the Bank's financial standing and its ability to finance various economic activities. Furthermore, the subsidiary intends to aid in expanding Shahba Bank's branch network, potentially introducing new branches across multiple Syrian governorates, particularly in regions such as Deir ez-Zor, Al-Hasakah, and Qamishli, where access to banking services is limited.

Additionally, Masaref Holding will collaborate with Estithmar Holding in assessing proposals to enhance Shahba Bank's product and service offerings, focusing on improving consumer and corporate banking solutions, trade finance, payment and remittance services, and expanding the Bank's support for small and medium-sized enterprises.

Proposals may also entail modernizing banking and operational systems, developing digital channels, and strengthening governance, compliance, risk management, and cybersecurity frameworks to boost operational efficiency and customer experience.

All proposed initiatives will undergo rigorous feasibility studies, require approval from Shahba Bank's Board of Directors, and receive necessary approvals from the relevant General Assemblies and competent regulatory and supervisory authorities, in line with applicable laws and regulations.

Moutaz Al-Khayyat, Chairman of Estithmar Holding, expressed his confidence in Syria's economic potential and the company's long-term investment strategy to bolster Shahba Bank's capabilities and drive sustainable growth. Similarly, Mohammad Safwat Raslan, Governor of the Central Bank of Syria, welcomed the new institutional investment in the Syrian banking sector, emphasizing the positive impact it could have on the sector's overall capabilities and its role in supporting the national economy.

Basel Shaddad, Chief Executive Officer of Estithmar Holding, hailed the stake transfer as a crucial step towards strengthening Estithmar Holding's position in the region's financial sector. He emphasized that their market capitalization has now surpassed USD 5 billion, enabling them to advance their long-term investment strategy with confidence in Syria's economic resurgence and a commitment to building institutions that foster sustainable growth through Masaref Holding's strategic partnership with Shahba Bank.