News Column

French minister expects US to cut BNP Paribas' sanctions fine

June 16, 2014


FRANCE'S finance minister said yesterday that talks between BNP Paribas and US authorities over a potential fine for the bank for breaching US sanctions had progressed towards a "more equitable" level.

US authorities - five of them in all, including the New York financial regulator - are investigating whether BNP evaded US sanctions against Iran and other countries between 2002 and 2009.

BNP may have to pay a fine of about $10bn (5.89bn) and face other penalties such as being suspended from clearing clients' dollar transactions, sources close to the situation have said.

The French government has said it believes such a fine would be "disproportionate".

BNP Paribas declined to comment.

A $10bn fine would wipe out BNP's projected 2014 earnings and put the bank's dividend under pressure, SocGen analysts estimated last month.


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Source: City A.M. (UK)

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