- Title: Lebanon's Jammal Trust Bank blames U.S sanctions for closure
- Date: 19th September 2019
- Summary: SIDON, LEBANON (SEPTEMBER 19, 2019) (REUTERS) VARIOUS EXTERIORS OF JAMMAL TRUST BANK VARIOUS OF WOMAN WALKING IN FRONT OF BANK ATM OF BANK SIGN OF JAMMAL TRUST BANK IN ARABIC BANK AND ATM VEHICLES DRIVING PAST BANK JAMMAL TRUST BANK EMPLOYEE LOCKING ENTRANCE GATE BEIRUT, LEBANON (SEPTEMBER 19, 2019) (REUTERS) VARIOUS OF JAMMAL TRUST BANK EXTERIOR ATM OF BANK VARIOUS OF ELECTRICAL SHUTTER CLOSING ON BANK ENTRANCE DOOR
- Embargoed: 3rd October 2019 15:10
- Keywords: economy Sanctions Iran crisis banks Jammal Trust Bank Hezbollah USA allies financial pressure
- Location: SIDON AND BEIRUT, LEBANON
- City: SIDON AND BEIRUT, LEBANON
- Country: Lebanon
- Topics: Economic Events
- Reuters ID: LVA001AXBQZBB
- Aspect Ratio: 16:9
- Story Text: 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 (September 19).
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.
The bank has 25 branches in Lebanon and representative offices in Nigeria, the Ivory Coast and Britain, its website says.
It is a relatively small lender, with net assets of 1,600 billion Lebanese pounds ($1 billion) at the end of 2017, according to the annual report on the latest year for which data is available.
Washington has sought to choke off Hezbollah's funding worldwide, with sanctions among a slew of steps against Tehran since U.S. President Donald Trump withdrew last year from a 2015 international nuclear deal with Iran.
(Production: Hassan Hankir, Imad Creidi)
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2019. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None