Two corroborating sources in the government banking sector told Enab Baladi that global consulting firm Oliver Wyman has completed the first phase of assessing and analyzing the operational model of Syria’s six state-owned banks.
The two sources told Enab Baladi on May 14 that a team from the company, comprising foreign and Lebanese bankers, met with the management teams of the Real Estate Bank, the Commercial Bank, the Popular Credit Bank, the Savings Bank, the Agricultural Cooperative Bank, and the Industrial Bank. The team reviewed the obstacles, challenges, and difficulties facing the banks.
Before Oliver Wyman’s team toured the banks and met with their management teams, the banks submitted data and reports to the Syrian Ministry of Finance and the Central Bank of Syria. The submissions covered the extent to which the banks apply international accounting standards, the volume of deposits, liquidity, risks, loans, credit facilities, guarantees, and other banking products, as well as their vision for developing government banking operations.
The assessment of state-owned banks by a foreign company comes under a memorandum of understanding signed earlier in Washington by Syrian Finance Minister Mohammed Yisr Barnieh with the Qatar Fund for Development and Oliver Wyman to implement a project assessing Syria’s financial and banking sector.
The project is funded by the Qatar Fund for Development and supported by the US Treasury Department and the World Bank, according to what the official al-Ikhbariya channel reported last April.
State-Owned Banks Face Three Options
A director in the state-owned banking sector told Enab Baladi that Oliver Wyman will submit its recommendations on the condition and performance of government banks to the finance minister at the end of the assessment process, allowing him to make the appropriate decision.
The director noted that although state-owned banks are subject to the Central Bank of Syria in terms of regulations and banking products, the finance minister is overseeing and leading the task of reforming the state-owned banking sector, while the governor of the Central Bank of Syria is focusing on private banks.
As a result of the banking reform recommendations, state-owned banks will face three options, according to the director:
Another banking director confirmed that Decree No. 70 of 2026, concerning exemptions on defaulted loans and credit facilities granted by state-owned banks, is part of the public banking reform process. The decree is aimed at cleaning up the banks’ portfolios and data in preparation for the entry of strategic banking partners from outside Syria. It appears that there are conditions requiring foreign banks to rely on the structure of existing state-owned banks rather than establishing new banks in Syria from scratch.
He noted that Oliver Wyman’s team is highly professional, practical, and familiar with the reality of state-owned banks and their problems. He said the management teams of state-owned banks are very comfortable working with Oliver Wyman, unlike the relationship governing the banks’ dealings with the Central Bank of Syria, which is marked by mistrust and by blame being placed on the banks themselves for the halt in lending operations.
Reform Under IMF Conditions
The International Monetary Fund issued a statement at the end of its team’s meetings with the Syrian Ministry of Finance and the Central Bank of Syria in October 2025, focusing on the need to implement stabilization and structural reform programs, which the fund usually requires of borrowing countries.
The programs are based on two main principles:
Regarding state-owned banks, the reforms proposed by the fund include fiscal consolidation, liberalization, and privatization through the “restructuring of state-owned institutions,” in preparation for Syria’s full integration into the global financial system.
What Is Oliver Wyman?
Oliver Wyman is a leading global management consulting firm founded in 1984 and headquartered in New York. It is considered one of the prominent international consulting firms and is often ranked among the leading firms just below the top global strategy consultancies.
The company provides specialized strategies, digital solutions, and risk management services through 60 offices in 30 countries. It is part of Marsh & McLennan.
Its main services and areas of work include:
The company has a strong regional presence in the Middle East, including in Dubai, Abu Dhabi, and Riyadh. It employs more than 4,500 experts worldwide and is known for its competitive recruitment process and high-quality consulting services.
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