Syria Gulf Bank is the seventh private bank to obtain a license to operate in Syria. It is a Joint Stock Company owned by Syrian shareholders for 51% and by the United Gulf Bank of Bahrain (31%), First National bank (7%), and Al Fotouh Investment Co (11%). The Bank started to operate in 2007 with a start-up capital of SP 1,500 million (USD 30 million). The IPO was oversubscribed by 250% in Syria, Lebanon and Kuwait. In 2008, the Bank successfully increased its capital to SP 3,000 million (USD 60 million). Email based on pattern