BEIRUT: The acquisition deal between Lebanese-Canadian Bank (LCB) and Société Générale de Banque au Liban (SGBL) has been signed and submitted to the Central Bank for final approval, sources close to the deal told The Daily Star Wednesday.

Although the value of the transaction was not disclosed, sources told The Daily Star that the deal is in the range of $550 million and $600 million.

Four other banks had sought to acquire LCB, but SGBL made the best offer.

Lebanese Canadian was a target of recent accusations by the U.S. Treasury of involvement in money laundering and connection to a terrorist group. However, both the Central Bank and the LCB denied the accusations.