Armed man holds Lebanon Federal Bank staff hostage

An armed man demanding to withdraw his savings took a number of employees and customers hostage at the Federal Bank of Lebanon branch in Beirut's Hamra neighborhood on Thursday.

At least two shots were heard after the man entered the branch just before noon, according to witnesses and local media. Some customers managed to escape before he shut the branch doors.

Lebanon’s National News Agency (NNA) reported that he was demanding to withdraw deposits amounting to $210,000 and had threatened to set himself ablaze and kill everyone at the bank. The man's father was in hospital and required $50,000 worth of treatment, according to the Association of Depositors in Lebanon.

Lebanese banks have limited withdrawals of hard currency for most depositors during the country’s three-year financial meltdown, which has left more than three-quarters of the population below the poverty line.

Security forces threw up a cordon around the bank as a crowd gathered outside, including relatives of the hostages. 

One man praised the hostage taker. Another onlooker highlighted how difficult it was for people in Lebanon to access their money, saying the hostage-taker's actions were probably “the only way” to get hold of his savings. Some of the onlookers began chanting in support of the hostage-taker.