Lebanon’s Jammal Trust Bank forced to close by U.S. sanctions
20 Sep 2019

Lebanon’s Jammal Trust Bank has been forced to wind itself down after being hit last month by U.S. sanctions for allegedly helping to fund the Iran-backed Hezbollah movement, the bank said on Thursday.

The central bank said the value of the bank’s assets, and its share of the national deposit guarantee body, were “in principle enough to pay all deposits and commitments.”

Jammal Trust Bank denied the U.S. allegations in August after the bank and its subsidiaries were hit with sanctions, accused of helping to fund the Hezbollah movement in Lebanon.

“Despite its sound financial situation … and its full compliance with banking regulations, the (bank) was forced to take the decision to liquidate itself in full coordination with the central bank,” Jammal Trust said in a statement.

The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain, its website says.

By Ellen Francis and Tom Perry, Reuters, 19 September 2019

Read more at Reuters

You can claim CPD minutes for this content, by signing up to our CPD Wallet

FREE CPD Wallet

You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.