BNP Paribas falls on concerns US seeks more than $5bn

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BNP Paribas fell to a seven-month low in early trading in Paris on concern U.S. authorities will seek more than $5bn from the lender to settle a probe into alleged violations of U.S. sanctions.

Bloomberg New reports that the stock fell as much as 3% to the lowest since October 1, and was down 1.8% at 50.73 euros as of 9:45 a.m. local time.

The amount sought in the probe of the bank’s dealings with countries including Iran and Sudan has escalated, and now far exceeds the $2.6bn that Credit Suisse agreed to pay in a settlement with the U.S. for helping Americans evade taxes.

Discussions are continuing and the final number could change, the person said. Last week, four people with knowledge of the matter said U.S. authorities were asking for at least $3.5bn to settle the BNP case.

To access the complete Bloomberg article hit the link below:

BNP Falls as U.S. Probe Said to Cost More Than $5 Billion

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