RIYADH: Swiss bank Julius Baer will close its office in Beirut, due to the ongoing economic crisis affecting the country, according to information obtained by Asharq Business.
Closing Julius Baer’s office in the Lebanese capital is a “strategic commercial decision that takes into account the difficult conditions that Lebanon is witnessing,” the bank disclosed in an email, stressing that the decision was not taken to save costs.
The Swiss bank stressed that this step will not have any impact on its existing customers, as the bank will continue to serve them and cover the Lebanese market, but without a direct presence.
The bank will continue to serve its clients and manage their financial arrangements from its headquarters in Zurich.
All employees in the Lebanon office will be transferred to Switzerland, according to Asharq, and clients must sign a document approving the transfer of their operations from Beirut to Zurich.
Despite the current situation in Lebanon, the ancient Swiss bank, founded in 1890, emphasized the importance of the Mediterranean country as a profitable market.