Lebanon Businessnews News

HSBC-Ashrafieh “out of service”
Zouk branch next at end of September, Verdun follows in second quarter of 2012
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HSBC-Lebanon closed down its Ashrafieh branch on Monday (September 19). The business of the Ashrafieh branch was relocated into Beirut Main Branch at the St. Georges area.

HSBC-Lebanon announced earlier this month that it would close three of its six branches in the country within the bank’s global plan to cut down 30,000 jobs by 2013.

HSBC’s branches in Zouk and Verdun will also be closed. The Zouk branch, which business will be relocated to Dora branch, will remain open until September 30. The Verdun branch business will be relocated to Ras-Beirut branch in the second quarter of 2012.

According to the Lebanese Labor Law, the employer has the right to end the contracts of some or all of its employees on grounds of “compelling economic or technical reasons”. The law, however, requires the employer to inform the Ministry of Labor his intention to discharge employees one month before their release.

The closedown will definitely lead to the dismissal of some employees, a bank official said. “Employees are now aware of that, but we have a good plan for them,” the official added.

CEO of HSBC Lebanon, François-Pascal de Maricourt has earlier announced that customers are conducting more routine banking business over the internet, or through ATMs.

HSBC has also announced a three million dollars refurbishment plan for its branches at Dora and Ras-Beirut to begin in 2011.

Date Posted: Sep 21, 2011
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