After 40 years of self-imposed isolation, Syria has finally opened its doors to foreign banks. Last month the economy minister Mohammed al-Imadi issued banking licenses to the three Lebanese institutions: Banque Européene pour le Moyen Orient, Fransabank and Société Générale Libano-Européene de Banque (SGLEB).
This is the first time private, let alone foreign banks, have been allowed to operate in Syria since the sector was nationalized in 1960.
The licenses only allow the three banks to lend to companies in free-trade zones, thereby excluding retail customers, state-owned companies and the bulk of the private sector.
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