Lebanese bank hit by US sanctions says deposits are insured

BEIRUT – A Lebanese bank targeted by the U.S. Department of the Treasury for “knowingly facilitating banking activities” for the militant Hezbollah group says it will remain open and guarantees all deposits are insured at the time they are due.

Last week, the Treasury’s Office of Foreign Assets Control sanctioned Jammal Trust Bank, adding it to its list of global terrorist organizations.

The bank’s statement on Tuesday also confirms its commitment to abiding strictly by the rules and regulations of the Central Bank of Lebanon and denies all allegations against it.

The bank says it’s continuously co-ordinating with Lebanon’s central bank “to overcome the current crisis and will do everything possible to clear its good name.”

The U.S. has been imposing sanctions on officials from Hezbollah, which Washington considers a terrorist organization.