BNP Paribas chairman to resign

BNP Paribas chairman Baudouin Prot is to resign and the bank’s board will meet on Friday to decide on his replacement; according to media reports

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He is expected to be succeeded by Jean Lemierre, a senior adviser to Prot.

A spokeswoman for BNP Paribas did not respond to a request for a statement.

In July, BNP Paribas was hit with a record $8.97bn (£5.2bn, €6.5bn) fine for violating US sanctions between 2004 and 2012.

The French bank repeatedly broke longstanding sanctions against Sudan, Cuba, and Iran and engaged in a “complex and pervasive scheme to illegally move billions through the US financial system”, the attorney general at the US Justice Department, Eric Holder said in a press statement at the time.

Prot joined BNP Paribas in 1983 and later become chief executive officer from 2003 to 2011.

 

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