British embassy in Lebanon ‘deeply concerned’ at bank account closures

British embassy in Lebanon ‘deeply concerned’ at bank account closures

BEIRUT: The British embassy in Beirut said on Friday it was “deeply concerned” by Lebanese banks closing accounts belonging to people who are nationals or residents of the United Kingdom. In a statement, the embassy said “this unilateral action” by banks had singled out account holders on the basis of their British residency or nationality, in “what appears to be a targeted and discriminatory manner.” The statement did not name any lenders in Lebanon’s crisis-hit banking sector, where more than $100 billion of hard currency savings remain stuck, with most depositors unable to access their funds. A union for savers with funds stuck in Lebanese banks says that more than 50 British savers have been in touch because their accounts were unilaterally closed or they feared their closure, since a Feb. 28 UK court ruling ordering two Lebanese banks to transfer funds to a UK client. The Feb. 28 UK court order required Lebanon’s Bank Audi and its peer SGBL to transfer $4 million to a client, the first UK ruling obliging Lebanese banks to transfer dollars out of the banking system, raising the prospect of similar actions. Lebanon’s financial system collapsed in 2019 under the weight of massive public