Members of the home front command at the scene of a missile strike by Hezbollah in Kiryat Bilaik, northern Israel, on Sept. 22. The U.S.-designated terrorist group launched about 115 rockets, missiles and drones from Lebanon into Israel.
Kobi Wolf/Bloomberg
Citigroup, the only major U.S. lender with a significant presence in Lebanon, has moved a handful of its staff there to Turkey as violence escalates in the region, according to a person familiar with the matter.
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The shift leaves more than 20 bank employees in Lebanon, and Citigroup, which is known for its expansive global reach into even tumultuous markets, continues to service clients there as usual, another person said, asking not to be identified discussing sensitive topics.
The bank moved to protect its staff as military clashes escalate between Hezbollah and Israel. Hezbollah is designated a terrorist organization by the United States.
"The safety and well-being of our people remains our top priority, and we have taken every measure to ensure our colleagues' safety," a Citigroup spokesperson said in an emailed statement. "We continue to monitor the situation and have resources in place to support our colleagues and their families."
Citigroup's presence in Lebanon dates to the 1950s, with almost a decade break starting in 1987 amid the country's civil war, according to its website. It provides a full range of corporate and investment-banking services to clients there, including trade, lending and hedging products.
Among its peers, JPMorgan Chase has a smaller office in Beirut that "acts as a liaison" with teams abroad, according to its website.
Lebanon was added to a global financial watchdog's "gray list" last week due to shortcomings tackling illicit financial flows, indicating disintegrating confidence in the country's crisis-hit financial sector. In 2020, the country defaulted on more than $31 billion of bonds, and restructuring talks are still not yet underway.
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