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French banking regulator says BNP Paribas can 'absorb' US penalty

Published on Jul 1, 2014 6:20 AM
 
The logo of French bank BNP Paribas is seen above the facade of their central Paris agency on June 30, 2014. 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. -- PHOTO: REUTERS

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.

 
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