BEIRUT: Banque Saudi Fransi acquired the remaining 47 percent shares of Bank Audis subsidiary in Syria for around $25 million, a banking source said Monday.

Audi Bank accepted the offer from Banque Saudi Fransi and has obtained the approval of the Syrian Central Bank, the source told The Daily Star on condition of anonymity.

BEMO Bank controls all of the shares of Banque Saudi Fransi in Syria.

Audi previously lowered its 51 percent stake in the bank after the outbreak of the Syrian civil war more than 10 years ago and the severe US sanctions against the regime.

Before the start of the war, Syria had several Lebanese, Arab and foreign banks operating in the country.

But as the war spread to the rest of the country, nearly all Lebanese and foreign banks in Syria stopped offering the regular banking services to its clients in this country.

Most of the Lebanese banks that opened subsidiaries in Syria along with Syrian partners, kept their licenses, hoping one day that the country will enjoy peace and stability.

It is true that the war in Syria has caused enormous havoc and destruction in most parts of the country. But nevertheless when banks open in a country they look at long term investment. We dont plan for 10 or 15 years. We plan to stay for 100 years, the banker explained.

Bank Audi had over 16 branches in Syria before the outbreak of the war.

A source also revealed that Bank Audi is in advance negotiations with Amman based Capital Bank to sell its subsidiaries in Jordan and Iraq.

Audi expect an imminent announcement for the sale of Audi banks in Jordan and Iraq. They are finalizing the details before making the announcement, the source explained.

Audi has 14 branches in Jordan and five in Iraq.

The source added that Audi is still holding talks with a UAE bank to sell its subsidiary in Egypt.

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