Lebanon’s Banking Association Going On Strike Due To Alleged Hostilities Towards the Sector 

@LBCI
@LBCI

On Friday, Lebanon’s banking association announced that they will begin striking at the start of next week, claiming that there have been “populist, harmful stances” taken against the sector.

This announcement comes just shortly after the arrest of the Chairman of the Board of Directors of the Credit Bank SAL earlier this week. 

Members of the sector also warned the public and prosecutors to deal seriously and responsibly with the current conditions, with the supposed aim of moving towards recovery.

However, this move comes after a series of serious allegations against politicians and the banking sector over mismanagement and “cruel deposit promises”.

A recent report from the World Bank noted that bank shareholders and large creditors “have profited greatly over these 30 years from a very unequal economic model,” alleging that losses in the financial sector are more than $70 billion.