Monday 12, September 2011 by
SGBL takes over Lebanese Canadian Bank
The takeover will boost SGBL’s total assets to $11 billion, total deposits to $8.6 billion and its loans to $3 billion. The bank will have a total of 101 branches and 135 ATMs after taking over 35 branches of LCB, which had assets of over $5 billion at the end of last year. The takeover follows a US decision to bar LCB from dealing in dollars following allegations of money laundering and drug trafficking – the US Treasury Department designated LCB a "primary money-laundering concern" in February, also citing links to Shi'ite militant group Hezbollah.
