BNP Paribas

BNP Paribas settles sanctions violations, pays $9b to US

BNP-ParibasLondon, July 1 : France's largest bank BPS Paribas has reportedly agreed to a record 9billion dollars settlement with US prosecutors over sanctions violations.

The settlement is said to be the largest for such a case in US history.

According to the BBC, the US Attorney General said the bank was involved in a complex and pervasive scheme to illegally move billions through the US financial system which was a deliberate attempt at violating the longstanding US sanctions.

France has been condemning the size of the fine, which almost equals BNP's entire pre-tax income of about 8.2billion euros of 2013. (ANI)

BNP Paribas profits rise to euro 1.3 billion

BNP Paribas profits rise to euro 1.3 billionBNP Paribas SA, which is the largest bank in France, has said that its profits have increased to Euro 1.3 billion during the third quarter of the year.

The bank had recorded profits of Euro 541 million in the same period. The profits increased significantly from the previous year when the bank was exposed to Greek debt. The profits were down in the third quarter of the previous year due to a huge write-down on Greek debt.

Service sector in UK grew slower than expected

According to a survey, growth in service sector in UK suffered a major setback. The Markit/CIPS Purchasing Managers' Index (PMI) revealed that the growth in this sector in the country was slower-than-expected. Growth in UK was noted to be 52.6 in month of February, while economy experts were targeting a faster growth from January month onwards.

In month of January, the service sector growth rate in UK was 54.6. Figures above in PMI indicate expansion. So at least it was a good outcome of the report for the analysts.

BNP Paribas reported increased profits because of rise in retail banking

BNP Paribas reported increased profits because of rise in retail bankingThe bank BNP Paribas has reported a growth in its profits for the second quarter of this year.

According to the bank the growth has been possible because of the growth in its retail banking sector which has managed the fall in the investment banking operations.

The net profit of the bank rose up by 31% for the second quarter till the month of July compared to the same period of time of last year and the profits reached to 2.1 billion euros.

BNP Paribas reports Q4 profit

BNP Paribas reports Q4 profitBNP Paribas SA reported that its net income _1.36 billion for the fourth-quarter of 2009 as compared with a loss of _1.37 billion recorded in the corresponding quarter previous year. France's largest bank reported net banking income for the latest quarter more than doubled to _10.06 billion from _4.85 billion in the fourth quarter of 2008. The bank purchased the Fortis's banking units in Belgium and Luxembourg for 10.4 billion-euro last year which made it the largest bank by deposits in the whole euro region.

Rights Issue unveiled by BNP Paribas to Reimburse State

BNP ParibasOn Tuesday, BNP Paribas SA announced that it is releasing a €4.3 billion ($6.28 billion) rights issue, with the aim of buying out the French government's stake. This would make it the country's first bank to reimburse the state funding issued at the height of the financial crisis.

France's biggest bank by market value specified that it will be able to reimburse the government's funds of over €5 billion with help from the rights issue, combined with shareholder equity from its scrip dividend of €750 million and a capital increase reserved for employees of €260 million.

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