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BNP Paribas chairman to resign

By Mark Battersby, 24 Sep 14

BNP Paribas chairman Baudouin Prot is to resign and the bank’s board will meet on Friday to decide on his replacement; according to media reports

BNP Paribas chairman Baudouin Prot is to resign and the bank's board will meet on Friday to decide on his replacement; according to media reports

He is expected to be succeeded by Jean Lemierre, a senior adviser to Prot.

A spokeswoman for BNP Paribas did not respond to a request for a statement.

In July, BNP Paribas was hit with a record $8.97bn (£5.2bn, €6.5bn) fine for violating US sanctions between 2004 and 2012.

The French bank repeatedly broke longstanding sanctions against Sudan, Cuba, and Iran and engaged in a “complex and pervasive scheme to illegally move billions through the US financial system”, the attorney general at the US Justice Department, Eric Holder said in a press statement at the time.

Prot joined BNP Paribas in 1983 and later become chief executive officer from 2003 to 2011.

 

Tags: BNP Paribas

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.