News Column

French minister expects US to cut BNP Paribas' sanctions fine

June 16, 2014

CITY A.M. REPORTER



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.


Reuters


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Source: City A.M. (UK)


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