Non-Syrian ownership of a Syrian private bank is capped at 49 per cent, raisable to 60 per cent by a Council of Ministers decision on the Credit and Monetary Council's proposal where the largest share goes to a qualifying strategic partner
Claim ID
OWNERSHIP-001
Exact or summary claim
Non-Syrian ownership of a Syrian private bank is capped at 49 per cent, raisable to 60 per cent by a Council of Ministers decision on the Credit and Monetary Council's proposal where the largest share goes to a qualifying strategic partner
Destination
Chapter 6
Status
QUALIFIED
Source
Law No. 3 of 2010, Article 3, amending Article 9(c) of Law No. 28 of 2001 (SRC-245)
Source type
Primary instrument
Published
2010
Accessed
2026-08-18
Measure and scope
The ceiling is on NON-SYRIAN ownership and is separate from the aggregate cap on ALL LEGAL PERSONS, Syrian, Arab or foreign, which Article 1 of the same law sets at 60 per cent and extends to 75 only for the public banking and financial sector. The two must not be merged. Article 6 of the law bars a bank licensed before it from moving above 49 at all unless the increase is accompanied by a capital rise to at least half the new minimum AND prior Council of Ministers approval.
Known conflict
SECONDARY SOURCES REPORT THE CEILING AS 60 AND DROP THE MECHANISM. UNCTAD's Investment Policy Monitor at SRC-246 is titled 'Allows foreign investors to own up to 60% of local banks'. SRC-243, a specialist advisory, states 49 rising to 60 'if the parent banking group abroad holds the largest share', which is closer but omits the Council of Ministers decision. The instrument governs.
Specialist
Syrian banking law
Downstream
Chapter 6; Chapter 10
Action
STATE THE 49 AND THE CONDITIONS TOGETHER; NEVER PRINT 60 UNQUALIFIED. AND CARRY THE AS-AT: the position is stated as at January 2010 and it has NOT been tested against any later instrument. Whether anything after 2010 amends Article 9(c) again is not established, and neither is what the paragraph said before 2010.