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FRANSABANK Group held a press conference on Wednesday, February 27, 2008 at Sheraton Damascus Hotel on the occasion of the Initial Public Offering (IPO) covering 36% of FRANSABANK Syria's capital i.e., 1,260,000 shares, at a price of SYP 500 per share. The IPO has been launched on February 10, 2008 and will last on March 13th. The press conference was attended by HE Dr. Adib Mayale the Governor of the Syrian Central Bank. FRANSABANK Group’s delegation was presided by Chairman of the Group HE Mr. Adnan Kassar. The press conference included a detailed presentation on FRANSABANK Group and on the work strategy of FRANSABANK Syria. Chairman Kassar confirmed that the Group is highly knowledgeable of the Syrian market and the lucrative financing and investment opportunities it offers. He announced that a dynamic working strategy is already set for the new bank to alleviate it to the international banking standards.
The new bank will adopt a strategy of geographical expansion establishing a network of branches in Damascus, Homs Aleppo, Lattakia and Tartous within the upcoming couple of years. A new approach to the new Syrian market is adopted, namely focusing on the lending policies, both retail and corporate, in an aim to meet the needs of the broad strata of society, help in the growth of business entrepreneurs and secure stable revenues for the largest segment of Syrian society. FRANSABANK Syria will not only offer traditional banking services and products, but will also provide innovative services relying on advanced technology, modern and sophisticated systems, to make its service speedy, accurate and reliable. It will market to its potential customers an integrated basket of services, which includes but is not limited to: 24 hours banking services through diverse electronic banking channels, corporate finance and funding to SMEs, micro-credits and consumer credits including cards, car loans and others.
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