Cedrus Bank Explained

Cedrus Bank (French: Cedrus Bank; Arabic: سيدروس بنك) (part of the Cedrus Group) is a Lebanese bank founded in 2015,[1] which caters to individuals and businesses in Lebanon and the region.[2]

On March 3, 2018, Cedrus Invest Bank announced the acquisition of Standard Chartered Bank in Lebanon[3] and the launch of Cedrus Bank. Cedrus Invest Bank owns 85% of the capital of Cedrus Bank, which amounted to $60 million in 2018, with the remaining 15% going to Nicolas Chammas,[4] president of the Beirut Traders Association.[5]

Fadi Assali, cofounder of Cedrus Invest Bank, was appointed CEO of the new bank and Nicolas Chammas vice-president.[6]

Allegations

The bank is known to be owned by President Michel Aoun and his family, who have denied allegation.[7]

Headquarters

Cedrus Bank has its headquarters in Dbayeh with two branches in Verdun and Achrafieh.[3]

Notes and References

  1. Web site: Banks in Lebanon, Top Banks in Lebanon, Cedrus Bank Lebanon. www.cedrusbank.com. 2021-02-18.
  2. Web site: About Cedrus Bank, A Leading Bank in Lebanon. www.cedrusbank.com. 2021-02-18.
  3. Web site: Cedrus seeking further growth in Lebanon . www.dailystar.com.lb. 2021-02-18. 2021-02-11. https://web.archive.org/web/20210211044142/http://www.dailystar.com.lb//Business/Local/2016/Jan-12/331374-cedrus-seeking-further-growth-in-lebanon.ashx. dead.
  4. Web site: Cedrus expands to retail banking . www.dailystar.com.lb. 2021-02-18. 2021-02-22. https://web.archive.org/web/20210222090649/http://www.dailystar.com.lb/2011/May-29/Life/Opinion/Sports/Business/Local/2015/Mar-04/289484-cedrus-expands-to-retail-banking.ashx. dead.
  5. Web site: 2020-10-16. The head of the Beirut Traders Association, Nicolas Chammas, accuses BDL of trying to dry up lira liquidity and warns of a parallel market for lira checks. 2021-03-17. L'Orient Today.
  6. Web site: Lancement de la Cedrus Bank au Liban - P.S.. Commerce du Levant. fr. 2015-03-18. 2021-02-18.
  7. Web site: La Cedrus Bank dément tout lien avec Aoun et sa famille. L'Orient-Le Jour. 2020-09-01. 2021-02-18.

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