PARIS (AFP) - France’s banking regulator said on Monday BNP Paribas could “absorb the anticipated consequences” of an US$8.9 billion (S$11.1 billion) US fine for sanctions busting.
The bank supervisory authority ACPR said in a statement that it had previously examined the liquidity and solvency of France’s largest bank and found it to be “quite solid.”
BNP Paribas agreed earlier on a deal with US authorities that saw France’s biggest bank admit to dealing with US-blacklisted countries and accept the hefty fine to avoid a trial.
ACPR chief Christian Noyer, who is also the governor of the Bank of France, travelled to New York during negotiations to warned of the knock-on effects of such a stiff fine on the French financial system.
He maintained the bank did nothing wrong as it did not violate European Union or United Nations rules in place at the time.