NCB shuts down Lebanon branches

18/02/2016 Argaam

National Commercial Bank (NCB), Saudi Arabia’s largest lender by assets, has shut down its two branches in Beirut due to “low financial returns,” it said in a statement to the Saudi Stock Exchange.

 

The bank said the branches were part of its International Banking Segment and their closure will have no material impact on current financial statements.

 

NCB’s announcement on Thursday came after several local newspapers in Saudi Arabia claimed that the bank had shut down its Lebanon branches to avoid money laundering and terrorism funding issues.

 

The bourse statement made no mention of these reports.

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