Basic Bank Information
name and backgroundCedrus Bank (French name: بنك سيدروس) is a local Lebanese bank founded in 2015 and headquartered in Lebanon, just off the Dora highway. The bank is 85% owned by Cedrus Invest Bank (CIB), with the remaining 15% held by Nicolas Chammas, president of the Beirut Merchants' Association. Cedrus Invest Bank is an investment bank founded in 2011 with a focus on wealth management and investment banking services.
Shareholder Background: Cedrus Bank is a private bank controlled by local Lebanese investors. Fadi Assali, founder of Cedrus Invest Bank, has been appointed CEO of Cedrus Bank and Nicolas Chammas is Vice President.
Scope of Services
Coverage area: Cedrus Bank operates primarily in Lebanon and serves individual and corporate customers.
Number of offline branches: Cedrus Bank has several branches in Lebanon, the exact number of which is not disclosed.
ATM Distribution: Cedrus Bank has ATMs in multiple locations in Lebanon to facilitate cash deposits and withdrawals and other transactions.
Regulation & Compliance
Regulator: Cedrus Bank is regulated by the Central Bank of Lebanon (Banque du Liban), Comply with Lebanese banking regulations and international financial regulatory standards.
Deposit Insurance Program: Cedrus Bank participates in Lebanon's deposit insurance program to provide deposit protection to its customers.
Compliance Record: Cedrus Bank is committed to complying with Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations and has implemented strict compliance procedures.
Financial health
There
is limited publicly available information on Cedrus Bank's financial metrics such as capital adequacy ratio, non-performing loan ratio and liquidity coverage ratio. Since the bank is not listed, the relevant financial data is not disclosed to the public.
Deposit & Loan Products
Deposit Class: Cedrus Bank offers current and term deposit accounts at interest rates based on market conditions and tenors.
Loans: Cedrus Bank offers a variety of loan products, including home loans, car loans, personal lines of credit, etc. For example, the interest rate for a personal loan ranges from 15.88% to 19.88%, depending on the loan term and the applicant's credit status.
List of common fees
Account Management Fee: Cedrus Bank charges a monthly administration fee of US$3 or LEI 4,500 for ordinary accounts.
Transfer Fees: Cedrus Bank charges a fee for both domestic and cross-border transfers, depending on the amount and destination of the transfer.
Overdraft Fees: Cedrus Bank charges an overdraft fee for overdraft accounts, which vary depending on the amount and duration of the overdraft.
ATM Interbank Withdrawal Fee: Cedrus Bank charges a handling fee for non-bank ATM withdrawals, which depends on the amount withdrawn and the bank to which the ATM belongs.
Hidden Fee Alert: Cedrus Bank reminds customers to be aware of additional fees that may result from insufficient account balances, account freezes, etc.
Digital Service Experience
APP & Online Banking: Cedrus Bank provides the Cedrus Mobile Banking app, which supports functions such as account inquiry, transfer payment, bill management, etc. The app has a rating of 4.5 out of 5 on the App Store and Google Play.
Technological innovation: Cedrus Bank continues to invest in digital transformation, launching innovative services such as smart ATMs, online account opening, and electronic payments.
Quality of customer service
Service Channel: Cedrus Bank offers 24/7 phone support and live chat service, and customers can contact the bank's customer service through the official website or social media platforms.
Complaint Handling: Cedrus Bank has a customer complaint channel, customers can submit complaints through the official website, and the bank promises to deal with them in a timely manner and provide feedback on the results.
Multi-language support: Cedrus Bank offers multi-language services such as Arabic, French, and English, making it convenient for customers with different languages.
Security measures
security of funds: Cedrus Bank uses multiple security measures to protect customer funds, including encryption, identity verification and transaction monitoring.
Data Security: Cedrus Bank complies with international data protection regulations to ensure the security and privacy of customers' personal information.
Featured Services & Differentiation
market segment: Cedrus Bank provides customized banking services for specific groups such as students and the elderly, such as fee-free accounts and exclusive wealth management products.
High Net Worth Services: Cedrus Bank provides private banking services to high net worth clients, including wealth management, investment advisory, tax planning, and more.
Market Position & Accolades
Industry ranking: Cedrus Bank is one of the top banks in Lebanon with steady growth in assets.
Awards: Cedrus Bank has received several industry awards, such as "Best Digital Bank", "Innovative Financial Services Award", etc.
