BNP Paribas Group
| BNP Paribas Group | |
| Headquarters | France |
|---|---|
| Key People | Jean-Laurent Bonnafé, CEO |
| Products | Banking and financial services provider |
| Website | www.bnpparibas.com |
BNP Paribas Group is a French banking and financial services provider that serves Europe, the United States and Asia. Its subsidiaries include Bank of the West, First Hawaiian Bank and L’Atelier BNP Paribas.[1] It is the largest and most valuable bank in the euro area.
In 2022, BNP agreed to sell its Bank of the West unit to Bank of Montreal for $16 billion in cash in a deal expected to close the same year.
History[edit]
BNP Paribas was founded in 2000 as a result of a merger between Banque Nationale de Paris (BNP) and Paribas.
In December of 2008, The European Commission cleared the acquisition of the Belgian and Luxembourg banking arms of finance group Fortis by BNP Paribas.[2]
On June 30, 2014, BNP Paribas pleaded guilty to two felony counts as part of a record $8.83 billion deal to settle an investigation into alleged violations of U.S. sanctions against Sudan, Iran and Cuba.[3] The Justice Department and other authorities had been pushing the bank to plead guilty and pay a $10 billion fine.[4] [5]
The Manhattan District Attorney's office and other agencies had been investigating the bank for years. The bank admitted to criminal charges of filing false business records and conspiracy. In addition to the $8.83 billion penalty, a record in a sanctions case, the settlement also includes a temporary ban on dollar-clearing transactions, and the cutting of ties with some employees.
U.S. authorities had originally proposed placing an immediate long-term ban on BNP’s dollar-clearing function. Instead, BNP will be barred from processing oil and gas transactions in dollars for a year, beginning Jan. 1, 2015. The agreement spared other forms of dollar-based transactions.[6]
Key People[edit]
- Jean-Laurent Bonnafé, Chief Executive Officer
- Jean Lemierre, Chairman of the Board of Directors
- Yann Gérardin, Chief Operating Officer, Corporate & Institutional Banking
- Thierry Laborde, Chief Operating Officer, Retail Banking
- Laurent David, Deputy Chief Operating Officer
References[edit]
- ↑ Our Brands and Subsidiaries. BNP Paribas.
- ↑ EC Clears BNP Paribas' Acquisition Of Fortis Assets. China View.
- ↑ BNP Paribas Dollar-Clearing Ban Said to Start in 2015. Bloomberg.
- ↑ BNP Agrees to Pay Over $8.8 Billion to Settle Sanctions Probe. The Wall Street Journal.
- ↑ Societe Generale Chief Plays Down BNP Paribas Probe. The Wall Street Journal.
- ↑ After Loud Complaints From French, Silence as BNP Penalty Is Announced. The New York Times.