BNP Paribas says US sanctions fine could exceed provisions made

PARIS: BNP Paribas, France's biggest bank, said there is a risk that a possible fine for violating US sanctions on countries like Iran could be significantly higher than the $1.1 billion euros it has provisioned for.

Chief Executive Laurent Bonnafe told a shareholders meeting that the bank will continue talks with US authorities about probes into whether his bank has violated US sanctions.

"We are doing what we can to insure that such mistakes do not occur in the future," Bonnafe said.

Bonnafe said there is "big uncertainty" about the potential fine and that it could be "very significantly" higher than the $1.1 billion provision the bank has already made for it.