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Banking BNP Paribas chief quits amid sanctions inquiry

June 13, 2014


The chief operating officer of BNP Paribas is stepping down, France's biggest bank has announced, as it wrestles with US authorities over a potential $10bn (pounds 6bn) fine.

New York's banking regulator had requested the departure of the long-serving Georges Chodron de Courcel as part of a settlement for alleged violations of sanctions against Iran, Sudan and other countries, a source told Reuters. Chodron de Courcel will leave his post at the end of June and take retirement in September.

BNP did not mention the investigation in its announcement. It said the 64-year-old's departure, in less than three weeks, was at his own request and would allow him to comply with new French bank regulations on the number of directorships he can hold.

US authorities are investigating whether BNP evaded US sanctions between 2002 and 2009 and whether it stripped out identifying information from wire transfers so they could pass through the US financial system without raising red flags. Reuters

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Source: Guardian (UK)

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