French BNP Paribas chairman resigns, says company

The chairman of BNP Paribas, France’s largest bank, has resigned, some three months after the bank was hit by nearly $9 billion in fines in the United States for violating sanctions on Iran, Sudan and other countries.

The chairman, Baudouin Prot, 63, will leave Dec. 1 after more than 30 years with the bank, the board said late Friday.

He will be replaced by Jean Lemierre, a former head of the European Bank for Reconstruction and Development.

Before he became chairman three years ago, Mr. Prot was chief executive from 2003 to 2011. He is credited with helping guide BNP Paribas through the global financial crisis and into the ranks of the world’s biggest banks.

Prot’s tenure, however, may ultimately be remembered more for the landmark criminal case brought by prosecutors and regulators in Washington and New York after the bank was accused of illegally transferring billions of dollars on behalf of countries, including Sudan and Iran, that were blacklisted by the United States.

Source: AFP

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