BNP Paribas Co-COO to Retire
The announcement comes at a time when the bank faces increased pressure from the Department of Financial Services, New York State's top banking regulator, and federal authorities in the investigation and settlement of alleged sanctions violations by the French bank.
BNP Paribas, France's biggest bank by market capitalization, is said to have engaged in prohibited trade with countries such as Cuba, Sudan and Iran between 2002 and 2009, therefore violating US sanctions laws. The bank has engaged in negotiations with US authorities to discuss the terms of a settlement, while negotiations have taken place at the highest political levels over the fine, which will potentially reach nearly $10 billion.
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