Friday, February 29, 2008

Lebanese Fransabank expands to Syria.

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Lebanese Fransabank expands to Syria. The Lebanon-based Fransabank decided to expand its operations to neighbouring Syria , the chairman of Fransabank, Adnan Kassar, announced at a press conference in Damascus . The subsidiary, which will be named Fransabank – Syria , will have USD 36mn capital and will conduct all types of retail banking activities. The subsidiary will be 48% owned by Fransabank and the remaining will be owned by Lebanese and Syrian investors. Fransabank is the fifth Lebanese bank to expand operation to Syrian market, defying a US pressure to isolate the Syrian regime. The United States and pro-western parties in Lebanon accuse Syria of plotting the assassination of former lebanese PM, Rafik Hariri, in addition to supporting terrorism.

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Lebanese Fransabank expands to Syria.

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