Economics
BNP Says Sanctions-Probe Costs May Swell; Shares Slump
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BNP Paribas SA, France’s largest bank, said it may need to pay far more than the $1.1 billion it has set aside for alleged U.S. sanctions breaches. The shares slid the most in 10 months.
The Paris-based bank held talks with U.S. authorities in the first quarter and it “can’t be excluded” that penalties could be significantly larger than provisioned, it said today as it reported profit growth for the period of 5.2 percent.