“Foreign investors can now own up to 60 percent in the country’s banks,” said Adib Mayaleh, the Central Bank’s Governor.

This means foreign and Lebanese investors can now own controlling stakes in Lebanese banks operating in Syria.Previously, investors were allowed to hold a maximum, 49 percent-non controlling stake.

Six local banks have subsidiaries in Syria, including Byblos Bank, Blom Bank, Audi Bank, Fransabank, Libano Francais, and Bank Bemo.

CBOS said that the decision was effective as of January four.