-
Lebanon’s Fransabank closes all branches after judicial order

The Arab News reported, a Fransabank source told Reuters, Lebanon’s Fransabank on Wednesday closed all of its branches in the country following a judicial order freezing its assets based on a lawsuit filed by a depositor.
Lebanese banks have frozen most savers out of their hard currency deposits since a financial meltdown in 2019, but the controls were never formalized in law and have been challenged in courts.
His lawyer Rami Ollaik said that the judicial order required Fransabank to reopen the account of Egyptian depositor Ayad Ibrahim and pay out his deposit in cash, or else the bank’s assets would be seized.
The judge who issued the order and Ibrahim could not be reached for comment.
The Fransabank source said that following the order the bank would not be able to make any payments, including of salaries, because its assets have been frozen. The source said, the bank has roughly 50 branches.

The Fransabank source said: “We closed because the order is on all the belongings of the bank, including the safes, at the tellers, where you can get the cash. I can’t get (cash), and I can’t receive."
Fransabank had issued Ibrahim a cheque for the value of his deposit and he was therefore no longer a client, the Fransabank source said, adding that he had signed for the cheque at a notary.
Lebanon PM Najib Mikati will not run in May parliamentary election
A spokesperson for United For Lebanon, an anti-corruption group that is representing Ibrahim in the case, said he had “signed for the cheque but with reservation.”
Source: arabnews
You May Also Like
Popular Posts
Caricature
BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
opinion
Report
ads
Newsletter
Subscribe to our mailing list to get the new updates!