Lebanon: Banks to close nationwide June 29 to protest attack on Lebanese Swiss Bank

Event

The Association of Banks in Lebanon announced the closure of banks nationwide on June 29. The closure is an act of protest in solidarity with the Lebanese Swiss Bank, which was stormed by approximately a hundred angry depositors in the Hamra neighborhood of Beirut on June 28. The group reportedly vandalized the bank and assaulted its employees. The Association of Banks has condemned the attack and called on the country's security forces to ensure the safety of employees and customers in banks nationwide.

Banking service disruptions are likely throughout Lebanon during the closure. Cash supplies could run low at ATMs. If violent demonstrations against financial institutions continue, banking disruptions and closures could extend into June 30. Security forces will almost certainly deploy to monitor any demonstrations that may materialize.

Context

The incident at the Lebanese Swiss Bank comes amid ongoing anti-government demonstrations demanding an overhaul of Lebanon’s political system and the resignation of political elites. Protesters have engaged in rioting and acts of vandalism against public and private property. Protesters are particularly frustrated with banks and other financial institutions, which have imposed capital controls on withdrawals and foreign transfers. Demonstrators have previously targeted banks with improvised incendiary devices; additional similar incidents remain possible.

Advice

Consider withdrawing sufficient cash as soon as possible due to potential shortages. Make allowances for possible business disruptions. Avoid any demonstrations that may materialize due to the potential for violence. Heed instructions from security personnel and leave the area at the first sign of a confrontation.