France has reportedly asked Germany and the UK to lobby the US to lower BNP Paribas fine for violating US sanctions.
President Hollande discussed the case with his German counterpart Angela Merkel, and French ministers have taken it up with other European governments, including the UK, the Financial Times reported citing senior French official.
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France has sought support from its European partners saying "disproportionate" action against its biggest bank could pose a systemic risk to the sector, according to the report.
The US regulators are seeking US$8 billion -US$9 billion in penalties from BNP Paribas over their alleged violation of US sanctions on Iran, Sudan and other countries.
According to the publication, US authorities suspect that the French BNP created regional banks in Africa and the Middle East to hide the transactions. Hpowever, the French bank has rejected this allegation.
Early this month, BNP Paribas’s co-chief operating officer Georges Chodron de Courcel stepped down amidst the ongoing US investigations.
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By GlobalDataChodron de Courcel was one among more than a dozen employees whose was targeted by New York’s top banking regulator Benjamin Lawsky.
