France: BNP deal preserves bank's future

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BNPPari Reuters. People walk in front of a branch of French BNP Paribas bank in Marseille.

Paris - The settlement reached between BNP Paribas and US authorities over a sanctions busting case will preserve the future of the lender, the finance ministry said on Tuesday.

French Finance Minister Michel Sapin also said in a statement that the country's biggest listed bank “will still be able to finance economic activity (in France) in a satisfying way.”

He said the case showed Europe must work to promote the usage of the euro as an international exchange currency.

France had repeatedly urged over the past weeks for the fine to be fair and proportionate and had warned that the BNP case could hurt trade treaty talks between the United States and the European Union. - Reuters

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