UPDATE 1-SNC-Lavalin stock drops after probe announced

* SNC-Lavalin down 4.3 pct to C$48.65 on TSX

* Corruption investigation involves Bangladesh project (Adds detail from SNC statement)

TORONTO, Sept 6 (Reuters) - Shares of SNC-Lavalin Group (SNC.TO) dropped on Tuesday after news of a corruption investigation involving the engineering and construction company's employees.

The Montreal-based company's stock was down 4.3 percent at C$48.65 on the Toronto Stock Exchange.

The drop compared with a 1.3 percent retreat for the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE as fears that the U.S. economy could slip into recession intensified.

After the market close on Friday a World Bank spokesman said Canada's Royal Canadian Mounted Police were investigating employees of SNC following a referral from the Bank about alleged corruption involving a multi-billion dollar bridge project in Bangladesh. [nN1E7811WF]

SNC had bid to supervise the contractor on the project. The company did not win that contract, which would have been worth C$10 million, said spokeswoman Leslie Quinton in a statement on Tuesday.

Quinton said SNC is cooperating with the investigators, and also conducting an internal review.

Canaccord Genuity analyst Yuri Lynk said it is too early to judge the significance of the investigation.

"At this point it's just speculation. It's nothing they've won. There could be fines, there could not. I don't know, and I'm not sure anyone knows at this point," he said.

In an earlier statement, Quinton said the company knew of no reason that would warrant the investigation.

In April, the World Bank agreed to lend $1.2 billion to Bangladesh to build the Padma Bridge, which will link the country's underdeveloped south with its capital, Dhaka, and the country's main port, Chittagong.

An international consortium led by the World Bank has agreed to lend Bangladesh up to $2.9 billion for the project.

(Reporting by Allison Martell)