Arab Today, arab today bnp paribas chief concedes bank faces severe punishment
Last Updated : GMT 23:12:04
Arab Today, arab today
Arab Today, arab today

BNP Paribas chief concedes bank faces 'severe' punishment

Arab Today, arab today

Arab Today, arab today BNP Paribas chief concedes bank faces 'severe' punishment

The logo of the French bank BNP Paribas
Paris - AFP

The head of BNP Paribas has conceded the bank will be "punished severely" ahead of what is expected to be a multi-billion dollar fine for breaching US economic sanctions.
"I want to be clear: we will be punished severely because malfunctions have occurred and mistakes were made," director general Jean-Laurent Bonnafe wrote to employees on Friday, French news channel i-Tele reported. 
"But this difficulty we are facing will not impact our roadmap."
The New York Times reported on Friday that BNP Paribas is set to announce a deal next week to plead guilty to helping some countries avoid US sanctions and agree to pay an $8.9 billion (6.4 billion euro) fine.  
BNP Paribas is accused of breaching US sanctions against Iran, Sudan and Cuba between 2002 and 2009 by handling $30 billion (22 billion euros) worth of transactions with them.
At the request of US authorities, the bank -- France's largest by capitalisation -- has already severed ties with a dozen employees, including two senior executives.
The case has strained ties between Paris and Washington, with the French government warning a mooted fine exceeding $10 billion (7.2 billion euros) would endanger negotiations on a US-EU free trade agreement and cause a knock-on effect through the banking system.   

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