FRANSABANK Syria IPO

FRANSABANK Syria issued 1.26 million ordinary shares, representing 36% of the Bank's capital, which was allocated in accordance with the laws and regulations of the Syrian Republic for residing and expatriate Syrian investors.

The subscription witnessed an overwhelming success that exceeded the value of the original subscription required (which amounts to SYP 630 million) by approximately two and a half times the value of the issued shares.

In light of this great success, FRANSABANK Group’s management announced that this achievement is a testimony in and a certificate of trust of the Syrian investors and public in the solidity of the Group, and revealed its gratitude to the Syrian public investors for the confidence they showed in FRANSABANK Syria Bank.

"The entrance of Lebanese, Arab and other foreign banks into the Syrian banking market is an indicator of healthy and pivotal competition. FRANSABANK Syria is a continuation of the Group’s regional and international expansion strategy which focuses in part of it on the vertical expansion in a number of promising markets. Today the Group is regionally present through FRANSABANK El Djazaїr in Algeria, Capital United Bank in Sudan, a representative office in Libya; and internationally through FRANSABANK France, Bank Golden Taler Bank in Belarus, and a representative office in Cuba."- Adnan KASSAR, Chairman of FRANSABANK Group quoted.

FRANSABANK Group is highly knowledgeable of the Syrian market and the lucrative financing and investment opportunities it offers. A dynamic working strategy is already set for the new Bank to alleviate it to the international banking standards. The new Bank will conduct a geographical expansion plan to establish a large branch network. Other than the headquarter that is scheduled to open during mid 2008 in Damascus, other several branches will consequently open in Damascus (second branch), Homs, Aleppo, Lattakia and Tartus during the upcoming two years. The Group will enter the Syrian market with a novel approach based on the needs and wants of the Syrian people, with major focus on consumer loans addressed to the masses, and small and medium lending that ensures a sustainable economy and secures a stable income for the largest segment of the Syrian society. The new Bank will as well offer added value products and services based on speed, accuracy and reliability. A major focus is given to the latest banking technology to offer the integrated basket of the latest products and services through the most up to date delivery channels including 24 hours banking services and other diverse electronic banking channels.