Jean Riachi, CEO and founder of FFA Private Bank, announced his candidacy for the head of the Association of Banks in Lebanon via Twitter. He will face its current president, the CEO of Beirut Bank, Salim Sfeir, whose mandate was marked by the decision to put in place an informal capital control from November 2019 due to a liquidity crisis that appeared from the month of May 2019.

He thus denounced in a series of Tweets, the incestuous relations between the current persons in charge of the Bank of Lebanon and the political power.

I am a candidate for the elections of the Association of Banks against the list of outgoing members. This nomination is not against any of these people, but rather to mark a position on the performance of the association during the years before and after the collapse and the incestuous relations between the banks and the Bank of Lebanon and the pillars of power

Jean Riachi

He thus accuses the political class of not having respected local laws, leading to the ruin of the banking sector and describing the institutions, the depositors and even the local economy as being the victims.

While we must blame the bankers and hold them to some degree of responsibility, we must recognize that these responsibilities are different. Whoever wanted to maintain a good performance was forced to join the frenzy of concentration of sovereign risks, in particular by depositing most of his clients’ deposits at the Banque du Liban and by subscribing to Eurobonds.

Jean Riachi

He thus calls into question the association of banks for having forced the establishments to accept the demands of the politicians, “to avoid distorting the competition between a bank whose concern is to be entrusted with the depositors of money and which wants make quick profits, ”despite the situation in Lebanon.

Jean Riachi also admits the existence of a banking party as well as the denial of the current reality in favor of the shareholders of the banks and not of the depositors even if this one is against him before warning against the consequences of the procedures. pending against Lebanese banks.

The result of the non-recognition and distribution of losses is in itself a mechanism for distributing losses detrimental to the depositor, the economy and the citizen without committing those responsible. The bankers will find themselves victims of these malicious policies because the anger of the people will react and the greatest danger is in the aggravation of the legal procedures.

Jean Riachi

As a reminder, Jean Riachi had made himself known for a few years by announcing the imminence of the current economic crisis and openly criticizing the Association of Banks of Lebanon and the Bank of Lebanon itself.

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