Syria’s private banking sector urgently needs international re-engagement. Yet a handful of sanctioned shareholders continue to block the path.
Under EU law, even minority shareholders can trigger a boycott if they are deemed to exercise “effective control.” This makes compliance far more costly and discourages risk-averse international banks from engaging.
Among the most problematic are Ahmad Khalil Khalil and Nasser Deeb Deeb—both sanctioned—as well as Nadia Yassin Salman, who fronts for Rami Makhlouf. Together, they hold shares in more than half of Syria’s private banks.
Though their shares are small, their entrenched presence casts a long shadow over the sector’s credibility and international prospects.
We propose solutions…