Qatar National Bank Syria, which 49% is owned by Qatar National Bank, has announced the successful completion of the subscription phase of its IPO, which concluded on 10 August 2009.

The lender stated in a communiqué that its SYP1.7 billion ($36.9m) initial public offering (IPO) has received bids worth SYR4.56bn for the 3.4 million shares it offered in the IPO.

The public offering was nearly 2.5-times oversubscribed.

Qatar National Bank Syria, which has authorized capital of $100m, will offer a full range of sophisticated banking products and services for individuals, corporate institutions and government entities.

QNB Syria is expected to commence its operations by November, this year.