DLA Piper advises Banque Bemo Saudi Fransi and Ahli Trust Bank on the divestment of 49% stake in Syria’s Shahba Bank

DLA Piper, in coordination with the New York and Dubai offices, has advised Banque Bemo Saudi Fransi S.A. and Ahli Trust Bank S.A. on the divestment of their 49% stake to Estithmar Holding Q.P.S.C. in Shahba Bank, an established Syrian private sector bank formerly known as Byblos Bank Syria.

This divestment supports the development of Syria's banking infrastructure and its reintegration into regional and international financial markets. It is expected to contribute to attracting foreign investment, modernising Syrian banking practices, and supporting broader economic reconstruction efforts, including job creation and talent development. The divestment occurs at a pivotal stage in the evolution of the country's banking sector.

The acquiring entity is Masaref Holding LLC, a wholly owned subsidiary of Estithmar Capital, the financial services arm of Estithmar Holding. Estithmar Holding is a Qatari public shareholding company with an approximate market capitalisation of USD4.8 billion, operating across sectors including healthcare, tourism, real estate development and specialised contracting. Estithmar Capital was established as a dedicated platform for financial investment management, underpinned by strong corporate governance, compliance and risk management frameworks, and a focus on sustainable growth.

Will Seivewright, corporate partner at DLA Piper, comments: “This transaction demonstrates a measured and strategic approach to transactions in markets with strong long-term potential. It also reflects the important role of financial institutions in supporting economic recovery and growth.”

The Dubai-based DLA Piper team was led by Will Seivewright, supported by legal directors Elias Al-Far and Mona Lemp and Rostislav Strigalev. They were assisted by tax partner Ton Van Doremalen and litigation and regulatory partner Ramsey Jurdi.