White & Case advises Estithmar on acquisition of 49 percent stake in Syria’s Shahba Bank

Global law firm White & Case LLP has advised Estithmar Holding Q.P.S.C. on the signing of a share sale and purchase agreement for the acquisition through a subsidiary of a 49 percent stake in Shahba Bank, a Syrian bank formerly known as Byblos Bank Syria.

"This transaction is a landmark deal for Syria," said White & Case partner Charbel Abou Charaf, who co-led the Firm's deal team. "It highlights the continued appetite from GCC investors to deploy capital across the Middle East, including in more complex and evolving markets. It also demonstrates that the region remains open for business, with clients focused on long term opportunities and strategic investment."

White & Case partner Hyder Jumabhoy, who co-led the Firm's deal team, said: "This transaction is the first material financial institutions M&A transaction in Syria following the recent political transition. It marks a significant step in the re-opening of the market to international investment and reflects renewed confidence from regional investors in the opportunities emerging in Syria."

Completion of the transaction is subject to regulatory approvals and the satisfaction of customary conditions precedent.

Masaref Holding LLC, a wholly-owned subsidiary of Estithmar Capital, the financial services arm of Estithmar Holding, is the acquiring entity. Estithmar Holding is listed on the Qatar Stock Exchange with a market capitalization of approximately US$5 billion.

Shahba Bank is an established Syrian private sector bank. The acquisition positions Estithmar Capital in Syria's banking sector at a pivotal stage in its development.

The White & Case team was led by partners Charbel Abou Charaf and Hyder Jumabhoy (both London) and included partners Mahmoud Ezz (Cairo), Catherine Hill (London) and Sara Nordin (Brussels & Stockholm), local partner Brian Jennings (Johannesburg), counsel Lachlan Low (London) and associates Elias Choueifati (Doha), Farah Atef (Cairo), Damian Lubocki, Aleksandra Rajek (both Warsaw), Ed Pearson, Emma Middleton, George Croft, Ciara Lamph, Zaynab Sajid (all London) and Emma Pessotto (Brussels). White & Case was assisted by Sarkis Law Firm in Syria.

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