US Consultancy Oliver Wyman Charts Future of Syria’s State-Owned Banks

Global consulting firm Oliver Wyman has completed the initial phase of assessing Syria’s six state-owned banks, according to government sources. The assessment, part of a broader financial sector reform project funded by the Qatar Fund for Development and supported by the US Treasury and World Bank, involved meetings with bank management teams to review operational challenges, liquidity, and compliance with international standards. Syrian Finance Minister Mohammed Yisr Barnieh is leading the reform efforts, distinct from the Central Bank’s focus on private institutions. Following the assessment, Oliver Wyman will present recommendations that could lead to three potential outcomes for the state-owned banks: restructuring into joint-stock companies while retaining state ownership, full privatization or foreign acquisition, or forming strategic partnerships with Arab and foreign banks, particularly from the UAE. This process coincides with Decree No. 70 of 2026, which aims to clean up bank portfolios by addressing defaulted loans. The initiative marks a significant step in modernizing Syria’s public banking sector amidst ongoing economic reconstruction efforts.