Lebanon.. group "pond" Denounces the appointment of an interim manager of an affiliated bank

The Al-Baraka Bank Group condemned the Bank of Lebanon’s decision to appoint an interim governor for the Al-Baraka Islamic Bank in Lebanon, noting that these “unfair decisions are aimed at punishing the banks.”

The Bank of Lebanon has appointed an interim director of the Al-Barak Islamic Bank, which has been operating in Lebanon since the early 90s, according to what a central bank source confirmed to AFP on Friday. difficulties faced by the bank due to the impact of the economic crisis.

Al Baraka Bank is one of the smaller banks owned by the Bahraini Al Baraka Group and headed by Saudi businessman Abdullah Saleh Kamel.

Al Baraka Group said in a statement: “The Bank of Lebanon explained its decision against Al Baraka Bank in Lebanon by the bank’s failure to comply with specific circulars, including the absence of a bank restructuring plan and a call on its shareholders to pump liquidity. “

The Panel finds that “the Bank of Lebanon has failed to provide a credible and comprehensive plan for restructuring the banking sector that takes into account the interests of all stakeholders, and that the Bank of Lebanon has refused to allow Al-Baraka Lebanon and other banks operating in Lebanon to access the assets, which he deposited with the Central Bank, which will allow these banks to resume normal banking activities.

The statement quoted Al Baraka Group CEO Hossam bin Haj Omar: “We are deeply concerned and disappointed with the approach taken by the Central Bank regarding the necessary restructuring of the banking sector in Lebanon and its unfair decisions to punish banks. , including Al Baraka Bank in Lebanon, for what it claims is non-compliance.” for some circulars.

The head of the Central Bank, Riad Salame, said earlier that the banks are working to reorganize in accordance with their capabilities, provided that “a bank capable of lending” is retained.

Source: AFP