• Aug. 11, 2014, 4:17 AM
    • Quoting Le Journal du Dimanche, Bloomberg reports that BNP Paribas (OTC:BNPZY) Chairman Baudouin Prot may resign in the next few months to be succeeded by Jean Lemierre, a senior adviser at the French bank.
    • Prot served as the bank's CEO from 2003 to 2011.
    • Last month, BNP Paribas went through its largest-ever management shakeup and was fined $8.9B as a result of its U.S. sanction violations.
    | Aug. 11, 2014, 4:17 AM
  • Jul. 29, 2014, 6:56 AM
    • French real-estate group Klepierre (OTC:KLPEF) is closing in on a deal to acquire Dutch rival Corio (OTC:CRIOF) for €7.2B ($9.7B), which would create an industry leader with €21B in assets.
    • The boards of both companies as well as their main shareholders (Simon Property Group (NYSE:SPG) and BNP Paribas (OTC:BNPZY)) back the deal, the companies said in a joint statement.
    | Jul. 29, 2014, 6:56 AM
  • Jul. 25, 2014, 2:25 AM
    • After agreeing to an $8.9B fine last month for U.S. sanctions violations, BNP Paribas (OTC:BNPZY) has come under the spotlight again - this time with the U.S. Department of Agriculture.
    • A Federal court has entered an $80M judgment against the bank for cheating a program which covers the losses of American commodities exporters in cases where their import partner failed to make a payment.
    • BNP Paribas is accused of guaranteeing credit for companies known to be operating both the export and import side of the business.
    | Jul. 25, 2014, 2:25 AM
  • Jul. 10, 2014, 3:28 AM
    • BNP Paribas (BNPQF) has pleaded guilty to evading U.S. sanctions for the second time, admitting it had also violated the International Emergency Economic Powers Act and the Trading with the Enemy Act.
    • The bank previously agreed to a record $8.9B settlement on July 1, after pleading guilty to charges of falsifying business records and conspiracy.
    | Jul. 10, 2014, 3:28 AM
  • Jul. 9, 2014, 8:12 AM
    • Responding to news on a couple of European lenders, JPMorgan upgrades Deutsche Bank (DB) to Overweight citing the recent capital raise, and downgrades BNP Paribas (BNPZY) to Neutral, citing lower capital returns following the $8.9B U.S. criminal settlement.
    • Deutsche is up 1% premarket; BNP is lower by 1.3% in Paris action.
    | Jul. 9, 2014, 8:12 AM
  • Jul. 2, 2014, 4:13 AM
    • After pleading guilty to violating U.S. sanctions yesterday, BNP Paribas (BNPQF) has applied for a regulatory exemption to keep its U.S. pension-plan business alive. The exemption will allow the bank to keep its status as a qualified professional asset manager.
    • The bank currently oversees $7.9T in pensions, some of which are included in the $66B of assets managed in the U.S.
    | Jul. 2, 2014, 4:13 AM
  • Jul. 1, 2014, 1:59 AM
    • After pleading guilty to two criminal charges of falsifying business records and conspiracy, BNP Paribas (BNPQF) is settling its "sanctions lawsuit" for $8.9B. As part of the settlement, the bank will also terminate 13 senior execs.
    • BNP Paribas has also agreed to suspend parts of its U.S. dollar clearing operations for one year. The ban will start on January 1, 2015, and will greatly impact the bank's oil and gas finance business.
    | Jul. 1, 2014, 1:59 AM | 1 Comment
  • Jun. 30, 2014, 4:30 PM
    • As has been rumored for awhile, BNP Paribas (BNPQF) has plead guilty to two felony counts and agreed to pay $8.8B in fines to settle a U.S. probe into dealing with countries under sanction, reports the WSJ.
    • Whether or not BNP will be suspended from performing dollar clearing services - potentially a big hurt on its business - has not yet been reported.
    • Previously: NYT: BNP Paribas expected to plead guilty, pay $8.9B
    | Jun. 30, 2014, 4:30 PM | 1 Comment
  • Jun. 30, 2014, 1:50 AM
    • The BNP Paribas (BNPQF) board has approved an $8.9B settlement, following the investigation of U.S. authoritites into $30B of transactions which avoided economic sanctions. More than a dozen employees are also expected to leave the bank as a result of the negotiations.
    • BNP is expected to plead guilty to the charge today, and announce the hefty settlement. With regards to the suspension on BNP's U.S. dollar clearing service, it was reported that the bank has won a stay of execution, postponing it for six months.
    • Last week, BNP Paribas stated plans to cut its dividend and sell billions in bonds as a result of the record payout.
    | Jun. 30, 2014, 1:50 AM | 3 Comments
  • Jun. 27, 2014, 7:53 AM
    • Expected on Monday to plead guilty to criminal charges and pay as much as a $9B fine, BNP Paribas (BNPQF) reportedly plans to dramatically reduce its dividend and sell billions in bonds. It isn't clear at the moment if the dividend will be scrapped entirely, or if a token payout will remain.
    • The bank paid a dividend of €1.50 ($2.04) per share in 2013, and one victim of the cut will be the State of Belgium which owned 10.3% of the bank as of the end of last year. "A spokesman for the Belgian Finance Ministry declined to comment," says the WSJ.
    • Previously: NYT: BNP Paribas expected to plead guilty, pay $8.9B
    | Jun. 27, 2014, 7:53 AM
  • Jun. 27, 2014, 3:06 AM
    • BNP Paribas (BNPQF) is expected to plead guilty to sanction violations and pay an $8.9B fine, the NYT reports. Authorities are hoping to announce the verdict Monday, and it will outline the bank's illicit money transfers betweeen 2002 and 2009 that violated U.S. sanctions.
    • Yesterday, the NY Department of Financial Services looked to impose a year suspension on the bank for dollar clearing services, a service which is essential to doing business with international clients.
    | Jun. 27, 2014, 3:06 AM | 1 Comment
  • Jun. 26, 2014, 3:12 AM
    • BNP Paribas (BNPQF) may now face another penalty from U.S. authorities due to its money transfer sanction violations. The NY Department of Financial Services is now looking to impose a year suspension on the bank for currency conversions, Reuters reports.
    • The suspension will prohibit a service known as "dollar clearing," which will suspend the bank from converting foreign currencies to dollars in some businesses. BNP's New York branch clears hundreds of billions of dollars every day in trade finance, commodities businesses, custodian accounts and foreign exchange.
    • On top of its expected $9B fine, the suspension will cause a hefty hit to the bank's services, although it will allow BNP to retain its license to operate in New York. S&P has said earlier this month that the bank's long-term credit rating is at stake, as a result of the upcoming new penalties.
    | Jun. 26, 2014, 3:12 AM
  • Jun. 25, 2014, 3:40 AM
    • BNP Paribas (BNPQF) is moving its U.S. sanctions compliance operations to New York from Paris. The move comes at a time where the bank is under fire for breaching U.S. sanctions violations, and faces a possible $9B fine for moving money to countries including Iran, Sudan and Syria.
    • Relocating the team is not part of any settlement with the U.S., although the bank is looking to improve its compliance efforts, and mollify American regulators.
    • The U.S. has already received hundreds of millions of dollars for sanction violations from foreign banks Credit Suisse, Standard Chartered, Barclays, and others.
    | Jun. 25, 2014, 3:40 AM
  • Jun. 23, 2014, 1:38 AM
    • BNP Paribas (BNPQF) will most likely settle the U.S. investigation over its sanction violations for $8-9B, CNBC reports.
    • The bank is said to have been involved with evading American sanctions by engaging in more than $100B of transactions with Sudan, Iran and Cuba.
    • Some BNP Paribas officials have already resigned, after U.S. authorities demanded more than a dozen chosen bank employees leave as part of any settlement.
    | Jun. 23, 2014, 1:38 AM | 5 Comments
  • Jun. 15, 2014, 11:30 AM
    • 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%.
    | Jun. 15, 2014, 11:30 AM
  • Jun. 11, 2014, 4:35 PM
    • Vivien Levy-Garboua was in charge of North American compliance from 2005-08 and is currently an adviser of senior bank execs, and Ben Lawsky - chief of New York's Dept. of Financial Services - wants him removed, along with at least a dozen others, including the bank's COO.
    • The executive ousters, of course, are in addition to the $10B-plus fine being sought by the DOJ. Lawsky also wants to suspend BNP Paribas' (BNPQF) ability to transfer money through its New York branch - an idea being fiercely resisted by the bank which says it will cost it a good deal of business.
    • Previously: BNP and Hollande should be thankful it's only $10B
    | Jun. 11, 2014, 4:35 PM
Company Description
BNP Paribas has a presence in 75 countries with more than 180,000 employees, including 140,000 in Europe. It ranks highly in its three core activities: Retail Banking, Investment Solutions and Corporate & Investment Banking. In Europe, the Group has four domestic markets (Belgium, France, Italy... More
Sector: Financial
Industry: Money Center Banks
Country: France