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BNP Paribas

BNP Paribas

Industry: 
Banking
Value of USG Contracts: 
25
Symbol: 
EPA:BNP
States: 
CA
FL
NY
PA
Country: 
France
Contact Information: 
Sources: 

"BNP Paribas, France's biggest listed bank, has set aside $1.1 billion for a possible fine for breaching U.S. sanctions on countries including Iran, the latest bank to take a hit to profit from a legal investigation. As well as facing tougher regulations in the wake of the financial crisis, banks across the world are under investigation for a string of alleged misdeeds, including fixing benchmark interest rates and manipulating foreign exchange markets. This month, Credit Suisse set aside 514 million Swiss francs ($570 million) to cover U.S. investigations, while in January Deutsche Bank blamed legal costs for a surprise quarterly loss. BNP said on Thursday it had set aside the funds after talks with the U.S. authorities, though it said there had been no discussion on the size of any potential penalty. ‘We've been doing a retrospective review for several years and we've basically now presented our findings to the U.S. authorities,’ BNP Chief Financial Officer Lars Machenil told Reuters Insider TV…BNP's provision - which was accompanied by restructuring costs and writedowns on the acquisition value of BNP's Italian unit BNL - dragged fourth-quarter net income down to 127 million euros ($173 million) from 519 million a year earlier, offsetting a rise in group revenue and gross operating profit. Analysts had been expecting a net profit closer to 1.0 billion euros, according to a Thomson Reuters poll of analysts.” (Reuters, “BNP sets aside $1.1 bln for possible U.S sanctions fine,” 2/13/14)

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“A delegation of some of France's biggest companies will visit Iran next month to seek business as relations thaw with western powers, the head of the employers' union said on Wednesday…The prospect of an easing of trade restrictions has whetted the appetite of French firms eager to win back business in a country where some used to have extensive operations. The French Medef bosses' association has organized the visit for February 2-5, its president Pierre Gattaz told a news conference, confirming a report about the trip in the Wall Street Journal…Former French ambassador to Iran Francois Nicoullaud told Reuters that French firms that operated in Iran before the sanctions wanted to return. He cited Renault, PSA Peugeot Citroen, Airbus Group , Credit Agricole, Societe Generale and BNP Paribas.” (Reuters, “French trade delegation to visit Iran next month,” 1/15/14)

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"French banks BNP Paribas (BNP) and Credit Agricole are conducting internal inquiries into U.S. dollar payments to check whether they are potentially in breach of American sanctions, the banks said on Monday... 'We are conducting an internal review,' said a spokesman for BNP, citing a disclosure from its 2011 annual report that said the probe concerned 'certain U.S. dollar payments involving countries, persons and entities that could be subject to U.S. sanctions,' adding that hte bank had spoken to American regulators." (Reuters, "French banks investigate potential breach of U.S. sanctions," 8/27/12) 

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"BNP Paribas respects the embargo on Iran," spokesman Ilias Catsaros said. "The bank stopped writing new business in Iran as of 2007 and has since been winding down its existing activities."  The company has received $37.6 million in revenue and benefits from the US government for their investments in Iran during 2000-2009.  Their activities in Iran are currently active with no plan for new investments. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"GIANTS WITH A FOOT IN TEHRAN: Total, Shell, Statoil, BNP Paribas, Commerzbank, MTN, UPS, Linde, Technip, Nokia, Ericsson, Peugeot, Renault, OMV, Societe Generale, ENI, Mitsubishi, Sumitomo, Siemens, LG, Samsung, Bosch, Valeo, Nestle, Unilever, BAT, Japan Tobacco." (The London Times, "American pressure threatens UK firms," 5/27/06)

Response: 

No response at this time.