Qatar National Bank has raised its stake in Qatar National Bank-Syria (QNB-Syria) to 55% from 49%.

QNB-Syria has also raised its capital to $300m. The bank received approval from the Central Bank of Syria as well as other regulatory authorities for the capital increase and the increase in QNB-Syria’s stake.

QNB-Syria was established in 2009 and has an ownership structure split between Qatar National Bank (49%), and the public and private sector as well as Syrian individual investors (51%).

QNB-Syria offers a range of retail, corporate, investment, treasury and wealth management products and services for individuals, corporate institutions and government entities, serving the diverse needs of the local market, in addition to providing experienced advisory and management services to companies seeking to raise capital through IPOs in the Syrian Arab Republic.

QNB-Syria is headquartered in Damascus, which is at the strategic heart of the Syrian financial market. The bank plans to progressively expand its network, with more branches planned for other provinces and major cities in Syria.