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US to slap record $11b fine on BNP Paribas for dealing with blacklisted countries

Published on Jun 30, 2014 2:03 PM
 
A photo taken on June 24, 2014 in Lille, northern France shows the logo of the French bank BNP Paribas. French bank BNP Paribas has agreed to pay US authorities a US$8.9 billion (S$11.1 billion) fine to avoid being tried in court for dealing with US-blacklisted countries, sources close to the matter told AFP. -- PHOTO: AFP

NEW YORK (AFP) - French bank BNP Paribas has agreed to pay US authorities a US$8.9 billion (S$11.1 billion) fine to avoid being tried in court for dealing with US-blacklisted countries, sources close to the matter told AFP.

The deal ends months of haggling which saw French President Francois Hollande pressing his US counterpart Barack Obama to intervene and lighten the punishment.

Agreement on the record fine, approved by the bank's board of directors at a special weekend meeting in Paris, is due to be announced on Monday after markets close at the New York Stock Exchange around 4.00pm local time (2000 GMT).

The US Justice Department and New York banking regulator Benjamin Lawsky will make separate announcements, another source said, also speaking on condition of anonymity. BNP declined requests for a public comment.

 
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