France: Bank expects hefty US fine

BNP Paribas chief executive Jean-Laurent Bonnafe warned employees on Friday that the French bank faced “a heavy penalty” following a US investigation into sanctions busting. The probe should end “very soon”. BNP Paribas declined to comment but sources have said it is expected to plead guilty to a federal criminal charge and pay nearly $9 billion (R95.6bn) as part of a larger settlement with multiple enforcement authorities. An announcement by US authorities on the settlement was expected today, a source said on Friday. – Reuters