Luckey’s Erebor Bank Plots Syria Expansion

AI Summary

Erebor Bank, founded by Palmer Luckey, plans to expand into Syria to help reconnect the country to the global financial system. This move follows Syria's recent reopening to U.S. firms and investment, aiming to attract significant deposits.

Erebor Bank, fresh from becoming a vital new financial bridge between the U.S. and Venezuela, is eyeing a new foreign foray: expanding into Syria. The bank, founded by Anduril Industries co-founder Palmer Luckey, has told staff and some investors it could help the war-torn Middle Eastern country reconnect to the global financial system, potentially attracting billions in deposits from businesses and consumers, according to people familiar with the strategy. Doing so would make Erebor a remarkably early mover in Syria, given that Washington only recently reopened the country to U.S. firms and investment.