Private Bank Reopens Banking Channels Between Syria and Saudi Arabia

ARK News.. The Bemo Saudi France Bank, Syria’s first private bank, has announced the reopening of banking channels with Saudi financial institutions after nearly 15 years of suspension — a move reflecting the growing Saudi financial presence in the Syrian economy and the two countries’ efforts to facilitate joint investments.
The bank’s CEO, André Lahoud, told Saudi outlet Asharq that Bemo held a series of meetings with the Saudi Ministry of Investment, which played a key role in supporting negotiations with the Saudi France Bank to reactivate the banking account. He revealed that the first successful transfer from a Syrian bank to a Saudi bank took place about two weeks ago.
Lahoud noted that Saudi France Bank is both the founder and strategic partner of Bemo, and that cooperation extends beyond financial operations to include training Syrian staff and developing digital infrastructure for the Syrian banking sector, enabling investors to conduct transactions directly between the two countries.
He added that Bemo is building new relationships with additional Saudi banks, as Saudi investors increasingly enter the Syrian market.

Current discussions, according to Lahoud, focus on facilitating financial transfers, expanding letter-of-credit services for import financing, and enhancing digital banking tools to allow Saudi investors to open accounts remotely without traveling to Damascus.

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