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Depositors storm more Lebanese banks over withdrawal limits

Cases of bank hold-ups have snowballed across Lebanon as residents have grown exasperated over informal capital controls that banks have imposed since an economic downturn began in 2019.

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Three-quarters of Lebanon's population has plunged into poverty in an economic crisis that the World Bank describes as one of the worst in over a century.

Outraged bank clients, at least two of them armed, have stormed four commercial banks across Lebanon over withdrawal limits that have been imposed throughout the country amid a financial meltdown.

On Tuesday morning, a Lebanese man armed with a pistol and a grenade entered the Chtaura branch of BLC Bank, demanding access to his $24,000 in savings, according to Depositors' Outcry, a group campaigning for angry depositors.

The group told Reuters news agency in a statement that the man, identified as Ali al Saheli, was in deep debt and also needed to wire money to his son, who was studying in Ukraine.

"He had been trying to sell his kidney," the statement said.

Security forces later entered the bank and arrested Saheli before he could access any money, the group said.

BLC had no immediate comment for Reuters.

Angry over delays

Also on Tuesday, a group of people employed at a state power station in Lebanon's north stormed the First National Bank Branch in the port city of Tripoli, according to witnesses.

They were angry over delays in having access to their salaries and fees they were being charged for the process, said their union representative Talal Hajer from outside the bank.

In a third incident, an armed depositor briefly took hostages at Byblos Bank in the southern city of Tyre, according to the Depositors' Association, another advocacy group.

It said he was carrying a pistol and demanding access to his savings amounting to $44,000.

After negotiations with the bank, he agreed to take 350 million Lebanese pounds in cash - worth nearly $9,000 at Tuesday's market rate - which he handed to a relative before being taken into custody, the Depositors' Association said. There was no immediate comment from Byblos Bank.

A fourth depositor staged a sit-in at IBL Bank in the Beirut suburb of Hazmieh, saying he would not leave until he was granted unfettered access to his account, Depositors' Outcry said. It was not immediately clear if he was armed.

Last month, a spree of seven hold-ups in a single week saw the banking association announce a closure for about a week.

Five incidents have already rocked banks this week. On Monday, Lebanese depositor Zaher Khawaja and some associates managed to withdraw $11,750 from an account with more than $700,000 at the Haret Hreik branch of BLOM Bank.

BLOM said he was not armed and that it would investigate the incident.

SOURCE: Reuters