Decree no. 26/m.o dated 10/4/2008 issued by the Syrian Prime Ministry, granted Bank Al-Sharq founders the license to establish Bank Al-Sharq as a Syrian Joint Stock Company with a total share capital of SYP 2.5 billion, consisting of 2.5 million equity shares of SYP 1,000 each.
Bank Al-Sharq's main object is to receive and invest deposits, and to undertake all types of banking and financial activities for its own account or on behalf of others, in line with applicable Syrian laws and regulations, particularly law number 28 dated 16/4/2001, articles 85 and 86 of decree law no. 23 dated issued in 2002, and according to Corporate Law no. 3 dated issued in 2008 whereas the Bank shall be considered an independent legal entity, capable of assuming all of the activities it is licensed to undertake.
Bank Al-Sharq's capital structure
Bank Al-Sharq's capital structure is as follows:
- Banque Libano-Française SAL: 49% (major shareholder),
- Syrian investors: 51%