Jammal Trust Bank
Jamal Trust Bank (JTB, Arabic: جمّال ترست بنك) was a Lebanese bank founded in 1963,[1] which was forced to close under US sanctions in 2019[2] for "helping to fund" the Lebanese Shiite Hezbollah movement in Lebanon.[3] JBL had 25 branches in Lebanon, and representative offices in Nigeria, the Ivory Coast and Britain.[3]
History[edit]
It was founded in 1963[1] as Invest Bank.[4]
In 1971, it was bought by Ali Jammal and was renamed from to Jammal Investment Bank and finally JTB. The Jammal family are major shareholders,[4] and Anwar Jammal, Ali's son, is its chairman and CEO.[5]
US sanctions 2019[edit]
In 2019, Riad Salameh, Governor of the Central Bank, said that he has approved the JTB self-liquidation request, which came after the sanctions in August of the same year, by the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, which stated that the bank had "facilitated banking activities for Hezbollah".[6]
See also[edit]
References[edit]
- ^ a b "Lebanon's Jammal Trust Bank to be sold or liquidated due to US sanctions". The National. 2019-09-04. Retrieved 2021-03-06.
- ^ "Two Lebanese banks deny ties to Hezbollah lender". Arab News. 2020-12-30. Retrieved 2021-03-06.
- ^ a b "Lebanon's Jammal Trust Bank forced to close by U.S. sanctions". Reuters. 2019-09-19. Retrieved 2021-03-06.
- ^ a b "More than 100 loans in 2 months: AMEEN". The Daily Star Newspaper - Lebanon. 1999-06-12. Retrieved 2021-03-06.
- ^ "Living to 100". The Business Year. Retrieved 2021-03-06.
- ^ "Jammal khara Trust Bank's liquidation approved". BusinessNews.com.lb. Retrieved 2021-03-06.