Banque du Liban et d’Outre-Mer SAL (BLOM) was granted this week a license to open a branch in Damascus’ free zone. BLOM, in accordance with the law governing the opening of foreign banks in Syria’s free zones, has allocated $10 million in capital for its new Syrian branch.
BLOM is the fourth bank to be awarded a license to operate in Syria’s free zones, after Fransabank, Banque Européenne pour le Moyen Orient (BEMO) and Société Générale Libano Européenne de Banques.
According to Syrian law, banks have up to one year after they are registered on the list of banks operating to start their activities. Banks are allowed to open branches in other free zones after allocating a minimum sum of $1million per branch. – (Banque du Liban et d’Outre-Mer)
