French Bank BNP Has Enough Cash to Pay Record $9 Billion Fine
Accused of violating sanctions against Iran, Syria and Cuba, French bank BNP Paribas agreed to pay a jaw-dropping fine, and, perhaps more incredibly, to do so without asking for money.
“I’m not trying to minimise the financial impact, which is enormous,” the CEO was quoted by the newspaper as saying in the interview, published on its website on Tuesday.
“The bank could have reinvested this money in the company or distributed it to shareholders. I say it again, we are financially solid … a group like BNP Paribas can absorb a shock like that without calling on the market.”
In addition to the fine, BNP will not be allowed access to U.S. currency for certain transactions for one year, which makes doing business in the U.S. — or anywhere, really — more difficult.
— Posted by Peter Z. Scheer