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US may seek more than $6.3b in BNP settlement: Bloomberg

Published on May 21, 2014 1:18 PM

(Reuters) - US authorities are seeking more than US$5 billion (S$6.3 billion) from BNP Paribas SA to settle federal and state investigations into the French lender's dealings with sanctioned countries, Bloomberg reported, citing a person familiar with the matter.

Discussions about the penalty amount are continuing and the final amount could change, the report said.

BNP Paribas, France's biggest bank, was in talks with US authorities to pay more than US$3 billion to resolve probes into whether it violated US sanctions on Iran, Sudan and other countries, Reuters reported last week citing people familiar with the matter.

The bank warned last month it faced fines in excess of US$1.1 billion over the matter, but declined to provide a specific number.

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