(Reuters) – U.S. bank Citigroup has moved a “very small” number of its employees from Lebanon into Turkey as the conflict between Israel and Hezbollah escalates, a source familiar with the matter told Reuters on Monday.
After nearly a year of exchanging fire across the border, fighting has intensified over the last month, with Israeli troops and Hezbollah fighters engaging in frequent clashes.
Beirut, Lebanon’s capital and home to Citi’s local office, has also come under attack.
“The safety and well-being of our people remains our top priority and we have taken every measure to ensure our colleagues’ safety,” a spokesperson for the bank said.
“We continue to monitor the situation and have resources in place to support our colleagues and their families.”
The bank entered Lebanon in the 1950s but retreated in 1987 during the country’s civil war. It re-established its fully-licensed Lebanon branch in 1996.
It offers corporate, investment banking and lending services in the country.
Citi’s plans to move the employees were first reported by Bloomberg News earlier on Monday.
(Reporting by Niket Nishant in Bengaluru and Tatiana Bautzer in New York; Editing by Shinjini Ganguli)
Comments