Lebanese bank hit by US sanctions says deposits are insured

The U.S. has been imposing sanctions on officials from Hezbollah, which Washington considers a terrorist organization.

3 September 2019 | 14:42

Source: Associated Press

  • Source: Associated Press
  • Last update: 3 September 2019 | 14:42

People enter a branch of Jammal Trust Bank in Beirut, Lebanon, Friday, Aug. 30, 2019. (AP Photo)

BEIRUT: A Lebanese bank targeted by the U.S. Department of the Treasury for “knowingly facilitating banking activities” for the militant Hezbollah group says it will remain open and guarantees all deposits are insured at the time they are due.

Last week, the Treasury’s Office of Foreign Assets Control sanctioned Jammal Trust Bank, adding it to its list of global terrorist organizations.

The bank’s statement on Tuesday also confirms its commitment to abiding strictly by the rules and regulations of the Central Bank of Lebanon and denies all allegations against it.

The bank says it’s continuously coordinating with Lebanon’s central bank “to overcome the current crisis and will do everything possible to clear its good name.”

The U.S. has been imposing sanctions on officials from Hezbollah, which Washington considers a terrorist organization.

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