BNP Sets Aside $1.1B For Potential Penalties

Law360, New York (February 13, 2014, 5:30 PM EST) -- BNP Paribas SA set aside $1.1 billion in the fourth quarter of 2013 for potential penalties related to transactions in countries under U.S. sanctions, the French bank said Thursday after its board approved the release of its 2013 financial statements.

The provision knocked the bank’s fourth-quarter profits down 76 percent from the same quarter in 2012, according to the financial statements. Its overall 2013 profits dropped 26.4 percent from the previous year.

BNP said it had presented the findings of an internal review to U.S. authorities...
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