The Commercial Bank of Syria (Arabic: المصرف التجاري السوري) is a fully government owned bank in Syria. It is the largest commercial bank in Syria with its headquarters in Damascus. The Commercial Bank accounts for the highest assets share in the banking sector, amounting to 37% of all bank assets at the end of 2017.[1]
The bank offers commercial banking services including long-term loans in Syrian pounds, armored car service, and collections services. The bank has dozens of branches and ATM's throughout Syria.
In 1966, the state achieved complete ownership of commercial banking in Syria by merging all existing commercial banks into a single consolidated Commercial Bank of Syria. In 1974, the Commercial Bank incorporated in Lebanon the Syrian-Lebanese Commercial Bank, in which it owns 85%. Until the 2010s, the Commercial Bank was the only bank in Syria allowed to deal with foreign currency, and allowed and able to finance foreign trade.
Following the outbreak of the Syrian Civil War, in August 2011, the Office of Foreign Assets Control of the U.S Department of the Treasury designated the bank as Specially Designated Nationals. OFAC designated the bank and its Lebanese subsidiary under the authority of Executive Order 13382 (signed on June 29, 2005), which is aimed at "disrupting the activities of weapons of mass destruction proliferators and their sources of support".[2][3] It banned U.S. banks and their overseas subsidiaries from maintaining a correspondent account with the Commercial Bank of Syria and required them to conduct due diligence that ensured that the Commercial Bank of Syria was not circumventing sanctions through their business dealings with them.[4] The European Union also imposed sanctions on the bank in October 2011 with its assets frozen.[5]
^. Steptoe.com. Archived from the original on 2013-09-21. Retrieved 2013-02-04.
^. Nowlebanon.com. Archived from the original on August 30, 2011. Retrieved 2013-02-04.
^Global stability and U.S. national security. Kristen Boon, Aziz Z. Huq, Douglas C., Jr. Lovelace. New York, N.Y.: Oxford University Press. 2012. p. 466. ISBN978-0-19-991589-7. OCLC 789991022.{{cite book}}: CS1 maint: others (link)
^"EU adds Commercial Bank of Syria to sanctions list, Ahram Online". English.ahram.org.eg. 2011-10-13. Retrieved 2013-02-04.
commercial, bank, syria, coordinates, 51611, 29444, 51611, 29444, arabic, المصرف, التجاري, السوري, fully, government, owned, bank, syria, largest, commercial, bank, syria, with, headquarters, damascus, commercial, bank, accounts, highest, assets, share, bankin. Coordinates 33 30 58 N 36 17 40 E 33 51611 N 36 29444 E 33 51611 36 29444 The Commercial Bank of Syria Arabic المصرف التجاري السوري is a fully government owned bank in Syria It is the largest commercial bank in Syria with its headquarters in Damascus The Commercial Bank accounts for the highest assets share in the banking sector amounting to 37 of all bank assets at the end of 2017 1 Commercial Bank of SyriaNative nameالمصرف التجاري السوريTypePublicIndustryBanking Financial servicesFounded1967HeadquartersYoussef Al Azmeh Square Damascus SyriaArea servedSyria and abroadKey peopleMuhammad Murtada Chairman D Dergham CEO ProductsCredit cards consumer banking corporate banking finance and insurance investment banking mortgage loans private banking private equity savings Securities asset management wealth managementNet incomeUS 4 7 billion 2017 OwnerGovernment of Syria 100 Number of employees4000SubsidiariesSLCBWebsitewww wbr cbs bank wbr syThe bank offers commercial banking services including long term loans in Syrian pounds armored car service and collections services The bank has dozens of branches and ATM s throughout Syria In 1966 the state achieved complete ownership of commercial banking in Syria by merging all existing commercial banks into a single consolidated Commercial Bank of Syria In 1974 the Commercial Bank incorporated in Lebanon the Syrian Lebanese Commercial Bank in which it owns 85 Until the 2010s the Commercial Bank was the only bank in Syria allowed to deal with foreign currency and allowed and able to finance foreign trade Contents 1 Sanctions 2 See also 3 References 4 External linksSanctions EditMain article Syrian Civil War Following the outbreak of the Syrian Civil War in August 2011 the Office of Foreign Assets Control of the U S Department of the Treasury designated the bank as Specially Designated Nationals OFAC designated the bank and its Lebanese subsidiary under the authority of Executive Order 13382 signed on June 29 2005 which is aimed at disrupting the activities of weapons of mass destruction proliferators and their sources of support 2 3 It banned U S banks and their overseas subsidiaries from maintaining a correspondent account with the Commercial Bank of Syria and required them to conduct due diligence that ensured that the Commercial Bank of Syria was not circumventing sanctions through their business dealings with them 4 The European Union also imposed sanctions on the bank in October 2011 with its assets frozen 5 See also EditBanque de Syrie et du LibanReferences Edit SCB OFAC Names the Commercial Bank of Syria the Syrian Lebanese Commercial Bank and Syriatel as Specially Designated Nationals Additional Sanctions Against Syria Expected Stepote amp Johnson Steptoe com Archived from the original on 2013 09 21 Retrieved 2013 02 04 US slaps sanctions on Syria s largest commercial bank Now Lebanon August 10 2011 Nowlebanon com Archived from the original on August 30 2011 Retrieved 2013 02 04 Global stability and U S national security Kristen Boon Aziz Z Huq Douglas C Jr Lovelace New York N Y Oxford University Press 2012 p 466 ISBN 978 0 19 991589 7 OCLC 789991022 a href Template Cite book html title Template Cite book cite book a CS1 maint others link EU adds Commercial Bank of Syria to sanctions list Ahram Online English ahram org eg 2011 10 13 Retrieved 2013 02 04 External links EditOfficial website in Arabic and English Banks portal This Syria related article is a stub You can help Wikipedia by expanding it vte This Asian bank related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Commercial Bank of Syria amp oldid 1151868842, wikipedia, wiki, book, books, library,
