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

Estithmar Holding, a financial services and investments firm based in Qatar, has announced the completion of transferring a 48.68% stake in Shahba Bank to Masaref Holding, a subsidiary of Estithmar Capital. The financial services company's market capitalization is approximately USD 5 billion.

The transfer of the stake, previously owned by Banque Bemo Saudi Fransi and Ahli Trust Bank, was completed following fulfillment of required conditions and receiving necessary regulatory approvals. This marks a strategic milestone in Estithmar Holding's expansion in the financial services sector across the region, reflecting the Group's long-term investment vision and confidence in Syria's economic potential.

Masaref Holding, as a 48.68% shareholder in Shahba Bank, aims to leverage its institutional expertise and capabilities to support the Bank's development. They intend to assist in preparing and assessing development proposals aimed at strengthening Shahba Bank's financial, operational, and technological capabilities, as well as expanding its capital, branch network, and product portfolio.

The proposals under assessment could include increasing Shahba Bank's capital, expanding its branch network, enhancing its product offerings, modernizing its banking and operational systems, developing digital channels and services, and strengthening its governance, compliance, risk management, and cybersecurity frameworks.

Estithmar Holding's Chairman, Moutaz Al-Khayyat, stated that this investment reflects the company's confidence in Syria's economic potential and its long-term vision for Shahba Bank. The Bank's CEO, Basel Shaddad, emphasized that the stake transfer is a decisive step that strengthens Estithmar Holding's leadership in the region's financial sector.