BNP Paribas chairman Baudouin Prot may quit the firm in the next few months after the bank agreed to forfeit US$8.83 billion as part of a probe into allegations the French bank violated US sanctions laws.
Prot will be replaced by Jean Lemierre, a senior adviser at the French bank, reported Le Journal du Dimanche.
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Baudouin Prot departure has not been decided and committed by the American authorities. Prot served as group chief executive from 2003 to 2011.
Additionally, the bank is also restructuring its management, which will see BNP Paribas’s co-chief operating officer (COO) Georges Chodron de Courcel retiring on 30 September 2014 to fulfill his director roles at several listed companies.
Chodron de Courcel was one among more than a dozen employees whose was targeted by New York’s top banking regulator Benjamin Lawsky.
The US prosecutors also banned the bank from certain dollar-clearing operations next year.
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By GlobalDataAt the same time, BNP Paribas is planning to establish a new robust compliance and control procedures including the creation of a New York team to ensure adherence to sanctions.
