French finance minister says BNP Paribas fine "more equitable"

|About: BNP Paribas (BNPQF)|By:, SA News Editor

France's finance minister has announced that the negotiation between BNP Paribas (BNPQF) and the U.S. regarding the potential U.S. $10B fine on the bank for avoiding sanctions has moved to a "more equitable" level.

"I think we have made progress towards more equitable penalties that do not impede in a strong way the future and the future of funding in particular," says French finance minister Michel Sapin.

A $10B fine will cut the bank's 2014 earnings, and negatively affect dividends. It will also lower BNP's core equity tier one ratio 100 basis points from the current 10.6%.