Who Are We
The Commercial Bank of Syria, throughout its long history not excluding the recent years of competition, has managed to maintain its leading position among Syrian banks. It continues to capture a very large share of the total banking activity in Syria, be it on the level of deposits, loaning or profits in the local market.
When CBS was created its capital amounted to one hundred and fifty million Syrian Pounds. But its capital was raised gradually to become seventy billion Syrian Pounds (by virtue of Legislative Decree No. 35 of 2006), which has consequently contributed to a more comprehensive enhancement of its capabilities, and to the achievement of a greater financial standing towards its clients and correspondents.
The Syrian banking market, however, has recently witnessed a marked advancement of the Commercial Bank of Syria, that has grown for a year now to be a paperless bank, especially as it has completed its shift to electronic system of communication and giving up paper work on the levels of both the Management and branches in the governorates, not to mention the system of electronic payment which was introduced several years ago.
Moreover, CBS has taken wide and important steps in the field of money change of various conventional types including electronic change, thereby reducing processes of cash transaction in various areas. Besides, the system that was developed internally with the aim of putting an end to paper work
in between the employees (2009) was a significant first step that emphasizes the stability of the said system so much so that a good number of state ministries and institutions were encouraged to demand implementation of such system. With this system CBS looks forward to the creation of a preliminary structure that can be relied upon in an electronic government suitable to the Syrian society. Besides, the work system, as designed and implemented currently by CBS, allows for a reconsideration of the concept of management both geography-wise and personnel-wise, and for practicing it anywhere. It prevents delays in the transaction, ensures speedy and immediate processing, circulation of decisions and circular letters according to mechanisms of coding and security of data communication as applied in the advanced countries of the world. With the integration of the system with the already existing system of electronic payment on both the ATM, the Internet and mobile, CBS is looking forward to present complete solutions through which there can be a possibility to work on a more transparent payment system that is more appropriate to the unorganized sectors that still rely on the principle of payment from the buyer to the seller (via the mobile depending on an ID No. given to every seller and fixed at visible places in the place of selling, whereby the payment amount among others can be confirmed through the mobile with SMS and reports through the internet or other means for those who wish), not through the seller’s demand from the buyer to pay the bill in cash or through electronic collection or otherwise. This system, which CBS is seeking, will help reduce the costs of payment equipment especially as the relevant mobiles and communication networks already exist. What is only required, however, is simple application with secure systems and some simple hardware leading to wide proliferation in record periods of time. Furthermore, this will be a method for measuring the temperature of economic activity in all sectors integrated into such payment methods in order to achieve better management on the level as a whole, particularly as it is also a source expected to be a good one for securing new resources to the Public Treasury, as well as a more effective taxation system.