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The largest Bank in Saudi Arabia stops its activities in Lebanon

The management of the National commercial Bank announced the closing of two branches in Beirut. The Bank is the largest financial institution not only Saudi Arabia but also throughout the Persian Gulf.

In a published statement, the withdrawal from Lebanon will not affect the state of the National commercial Bank. Only in Saudi Arabia, he has 342 branches. Will not be affected and the Lebanese economy – the place the Bank will take competitors.

We are talking about a symbolic step, with political connotations. Riyadh outraged by the role played in the political system of the Lebanese Shiite group Hezbollah – Iranian satellite.

After the representative of Lebanon to the UN refused to support against the Iran resolution, Saudi Arabia has announced the freezing of selected Lebanese military aid in the amount of four billion dollars. Riyadh fears that the military equipment will go to the «Hezbollah».

The largest Bank in Saudi Arabia stops its activities in Lebanon 22.02.2016

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