Briefly:

(July 10, 2008) The head of the Lebanese Canadian Bank says a lawsuit against his company is without merit, and the bank will defend itself vigorously against accusations that it played a role in financing terror.

Georges Zard Abou Jaoude, chairman and general manager of Lebanese Canadian Bank, says that his bank is fully compliant with international anti-money laundering and terrorist financing regulations.

The bank is being sued by victims injured by Hezbollah rockets launched from Lebanon into northern Israel. The suit alleges that the bank knowingly provided financial services to two organizations that the U.S. State Department has listed as having terrorist links.

Zard Abou Jaoude, says the lawsuit, filed in Montreal, is part of a larger scheme to discredit the Lebanese banking system. Lawsuits have been filed in New York against other banks.

Read the original story here.

AEGON outsources accounting to RBC Dexia

(July 10, 2008) AEGON Canada has hired RBC Dexia Investor Services to provide investment accounting services on its portfolio of 160 funds, with combined assets of about $8.5 billion.

“The outsourcing of investment accounting supports AEGON Canada’s strategy of focusing on our core business, which is the manufacturing of life insurance and investment products,” said Paul Reaburn, president and CEO of AEGON Canada.

The deal involves the integration of AEGON’s investment accounting employees into RBC Dexia’s operation in Toronto.

(07/10/08)

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.