The Syrian cabinet approved on Tuesday a license for setting up a Syrian-Iranian bank to be named "al-Aman" in Damascus, the Islamic Republic of Iran News Network reported on Sunday.
The bank's initial capital is 1.5 billion Syrian pounds (some $32 million).
Iran's Saderat Bank, Alghadir Company, and Saipa Company respectively own 25, 16 and 8 percent of the bank's shares.
The other 51 percent of the shares will be offered to the public on the Syria's stock exchange market.
Tehran and Damascus agreed in 2008 on setting up a joint bank in the Syrian capital.