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Jammal Trust Bank self-liquidates following US sanctions

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Jammal Trust Bank self-liquidates following US sanctions

Jammal Trust Bank SAL filed for voluntary liquidation after being sanctioned by the U.S. for allegedly helping finance the Iran-backed Hezbollah movement, Reuters reported.

The Lebanese bank, with net assets of 1.6 trillion pounds at 2017-end, has denied the allegations, according to the Sept. 19 report. The country's central bank has agreed to the bank's self-liquidation, saying the assets of the bank and its share of the national deposit guarantee body are in principle enough to pay all deposits and commitments.

As of Sept. 19, US$1 was equivalent to 1,509.2 Lebanese pounds.