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Fransabank Closes All Branches Protesting Judicial Order
According to Reuters, Fransabank has closed all of its branches in Lebanon after a judicial order resulted in the freezing of the bank’s assets.
The order came as a result of a lawsuit filed by the Egyptian depositor Ayad Ibrahim who had demanded that Fransabank pay out his deposit in cash as opposed to the cheque they had previously given him.
As a result of their assets being frozen and in protest of this judicial decision, Fransabank closed their 50 branches across the country today, presumably until this decision is reversed.
It is unclear what this means for other depositors at this bank.
Lebanon’s Fransabank closes all branches, around 50 in total, after judicial order freezing assets, a bank source tells @Reuters.
— Timour Azhari (@timourazhari) March 16, 2022
The order required Fransabank to reopen a customer’s account for which it had issued a check, else its assets be seized and auctioned off.
The order came as a result of a lawsuit filed by the Egyptian depositor Ayad Ibrahim who had demanded that Fransabank pay out his deposit in cash as opposed to the cheque they had previously given him.
As a result of their assets being frozen and in protest of this judicial decision, Fransabank closed their 50 branches across the country today, presumably until this decision is reversed.
It is unclear what this means for other depositors at this bank.