Jamal Trust Bank (JTB, Arabic: جمّال ترست بنك) was a
Lebanese bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
founded in 1963,
which was forced to close under US sanctions in 2019 for "helping to fund" the
Lebanese Shiite Hezbollah
Hezbollah ( ; , , ) is a Lebanese Shia Islamist political party and paramilitary group. Hezbollah's paramilitary wing is the Jihad Council, and its political wing is the Loyalty to the Resistance Bloc party in the Lebanese Parliament. I ...
movement in
Lebanon
Lebanon, officially the Republic of Lebanon, is a country in the Levant region of West Asia. Situated at the crossroads of the Mediterranean Basin and the Arabian Peninsula, it is bordered by Syria to the north and east, Israel to the south ...
.
JBL had 25 branches in Lebanon, and representative offices in
Nigeria
Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa. It is situated between the Sahel to the north and the Gulf of Guinea in the Atlantic Ocean to the south. It covers an area of . With Demographics of Nigeria, ...
, the
Ivory Coast
Ivory Coast, also known as Côte d'Ivoire and officially the Republic of Côte d'Ivoire, is a country on the southern coast of West Africa. Its capital city of Yamoussoukro is located in the centre of the country, while its largest List of ci ...
and
Britain
Britain most often refers to:
* Great Britain, a large island comprising the countries of England, Scotland and Wales
* The United Kingdom of Great Britain and Northern Ireland, a sovereign state in Europe comprising Great Britain and the north-eas ...
.
History
It was founded in 1963
as ''Invest Bank''.
In 1971, it was bought by Ali Jammal and was renamed from to ''Jammal Investment Bank'' and finally JTB. The Jammal family are major shareholders,
and Anwar Jammal, Ali's son, is its chairman and CEO.
US sanctions 2019
In 2019,
Riad Salameh, Governor of the
Central Bank
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...
, said that he has approved the JTB self-liquidation request, which came after the sanctions in August of the same year, by the
Office of Foreign Assets Control
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the United States Department of the Treasury, United States Treasury Department. It administers and enforces economic and trade economic sanctions, ...
(OFAC) of the U.S. Department of the Treasury, which stated that the bank had "facilitated banking activities for
Hezbollah
Hezbollah ( ; , , ) is a Lebanese Shia Islamist political party and paramilitary group. Hezbollah's paramilitary wing is the Jihad Council, and its political wing is the Loyalty to the Resistance Bloc party in the Lebanese Parliament. I ...
".
See also
*
List of Lebanese banks
*
Lebanese Canadian Bank
The Lebanese Canadian Bank (Arabic: البنك اللبناني الكندي. abbreviated as LCB), now defunct as of 2011, was a bank based in Beirut in Lebanon, which maintained a network of 35 branches in Lebanon and a representative office in Mo ...
*
Banque Libano-Francaise
*
Byblos Bank
Byblos Bank () is a Lebanese bank established in 1963 and headquartered in Beirut, Lebanon. It is the country's third largest bank by assets. It is one of the Alpha banks in Lebanon, along with Banque Libano-Française S.A.L., Bank Audi, BLOM ...
*
Banque du Liban
''Banque du Liban'' (; English: Bank of Lebanon) is the central bank of Lebanon. It was established on August 1, 1963, and became fully operational on April 1, 1964.
In 2023, Wassim Mansouri stepped up as interim governor of the Banque du Lib ...
References
{{Reflist
Banks of Lebanon