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Why is Fransabank not making payments on deposits?
The source said the bank would not be able to make payments, including of salaries, following the order because its assets have been frozen. The judicial order required Fransabank to reopen the account of a customer and pay out his deposit in cash, a lawyer for the depositor and a Fransabank source said.
Is Fransabank a BDL bank?
Copyright © 2021 Fransabank. All rights reserved. No.1 on the list of banks. BDL Authorization No. 11/438 dated 21.09.2006. Designed and developed by Borninteractive
Why has Lebanon’s Fransabank closed all of its branches?
BEIRUT, March 16 (Reuters) – Lebanon’s Fransabank has closed all of its branches in the country, some 50 in total, following a judicial order freezing its assets based on a lawsuit filed by a depositor, a Fransabank source told Reuters.
What happened to Fransabank’s cash deposits?
The order required Fransabank to reopen the man’s account and pay out his deposit in cash, or else its assets would be seized, his lawyer Rami Ollaik said. Fransabank said on Thursday its central vaults had been sealed, “limiting the bank’s ability to resume its normal cash operations”.
Why did Lebanon’s Fransabank close all of its branches?
People stand in front of a branch of Fransabank in Beirut, Lebanon on March 16, 2022. (Reuters) Lebanon’s Fransabank closed all of its branches on Wednesday after a judicial order and said it would be unable to meet client demands, including paying public sector salaries.