Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

BNP Paribas chief quits for 'personal reasons'

Share this article

BNP Paribas chief quits for 'personal reasons'
Former Chairman of BNP Paribas Group, Baudoin Prot. AFP Photo/Martin Bureau
09:22 CEST+02:00
The chairman of BNP Paribas has resigned, some three months after the French bank was hit by a record $8.9 billion fine for violating US sanctions, the bank said.

Baudoin Prot, 63, who has headed the bank since 2011, was stepping down as of December 1 "for personal reasons," the bank said in a statement following a meeting of the board late on Friday.

Prot will be replaced by Jean Lemierre, 64, one of his close advisors and a key figure in negotiating BNP Paribas's settlement with US authorities.

Prot's resignation, which was first reported by a source close to the matter on Tuesday, comes almost three months after the giant French bank pleaded guilty to US criminal charges of violating sanctions on Iran, Sudan and other countries.

Prior to becoming chairman, Prot served as chief executive of BNP Paribas from 2003-2011, the period in which many of the violations of US sanctions law took place.

US officials said BNP Paribas deliberately hid thousands of transactions with Iran, Sudan, Myanmar and Cuba, countries that were sanctioned for terrorism and human rights violations.

The bank agreed to plead guilty to one count of conspiring to violate sanctions, making it the first bank found guilty in a sanctions case.

Prot was not personally questioned by US authorities during the probe, but the difficulty of the settlement negotiations took its toll on the chairman, according to people familiar with the bank.
 

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university where students tackle real-world problems

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement