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Banks in France Face More Than $1.1 Billion Fines After Raids

  • About 150 investigators involved in raid of lenders in France
  • HSBC, Natixis, BNP’s Exane also among firms being searched
The Societe Generale headquarters in Paris.
The Societe Generale headquarters in Paris.Photographer: Nathan Laine/Bloomberg
Updated on

French banks including Societe Generale SA and BNP Paribas SA face collective fines of more than 1 billion euros ($1.1 billion) as part of a probe into tax fraud and money laundering related to dividend payments. 

HSBC Holdings Plc, Natixis SA and BNP’s Exane unit are also part of the investigation, according to the prosecutors office in Paris, which said that the fines include penalties and back interest. Preliminary investigations related to the raids were opened in December 2021, the prosecutor said.