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BNP Paribas Chairman to Step Down as French Bank Seeks to Shed Stigma BNP Paribas, After Scandal, Says Chairman Will Resign
(about 3 hours later)
PARIS — The chairman of BNP Paribas, France’s largest bank, is stepping down as the institution seeks to move beyond the fallout from its guilty plea and nearly $9 billion in fines in the United States for its dealings with blacklisted countries. PARIS — The chairman of BNP Paribas, France’s largest bank, is stepping down as the institution seeks to move beyond the fallout from its guilty plea and nearly $9 billion in fines in the United States for its dealings with blacklisted countries.
The chairman, Baudouin Prot, 63, will leave on Dec. 1 after more than 30 years with the bank, the board said in a statement late Friday. He will be replaced by Jean Lemierre, a former head of the European Bank for Reconstruction and Development. Mr. Prot’s departure had been widely expected. The chairman, Baudouin Prot, 63, will leave on Dec. 1 after more than 30 years with the bank, the board said in a statement late on Friday. He will be replaced by Jean Lemierre, a former head of the European Bank for Reconstruction and Development. Mr. Prot’s departure was widely expected.
Before his elevation to chairman three years ago, Mr. Prot served as chief executive from 2003 to 2011. He is credited with helping to guide BNP Paribas through the global financial crisis and into the ranks of the world’s biggest banks. Before his elevation to chairman three years ago, Mr. Prot was chief executive from 2003 to 2011. He is credited with helping to guide BNP Paribas through the global financial crisis and into the ranks of the world’s biggest banks.
Mr. Prot’s reign, 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. Mr. Prot’s reign, 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 that had been blacklisted by the United States, including Sudan and Iran.
While other major banks, including Standard Chartered and HSBC, have been caught up in such affairs, the United States authorities were particularly incensed that BNP had ignored warnings and then refused to cooperate with the investigation.While other major banks, including Standard Chartered and HSBC, have been caught up in such affairs, the United States authorities were particularly incensed that BNP had ignored warnings and then refused to cooperate with the investigation.
After months of stormy negotiations, in which the French government lobbied on the bank’s behalf, BNP agreed in June to plead guilty and pay $8.9 billion in fines to settle the case, the largest such judgment ever.After months of stormy negotiations, in which the French government lobbied on the bank’s behalf, BNP agreed in June to plead guilty and pay $8.9 billion in fines to settle the case, the largest such judgment ever.
Recent news reports that Mr. Prot would resign had indicated it was his choice to leave. In its statement, the board lauded his leadership, saying it was “grateful to Baudouin Prot for his total commitment during the financial crisis of 2007-2011 when he faced on a daily basis, with his teams, situations which were unprecedented in the financial sector.” Recent news reports that Mr. Prot would resign indicated it was his choice to leave. In its statement, the board lauded his leadership, saying it was “grateful to Baudouin Prot for his total commitment during the financial crisis of 2007-2011, when he faced on a daily basis, with his teams, situations which were unprecedented in the financial sector.”
The statement made no mention of the American investigation.The statement made no mention of the American investigation.
BNP has offices in 75 countries and employs more than 180,000 workers. It reported net profit last year of 4.8 billion euros, or $6.1 billion.BNP has offices in 75 countries and employs more than 180,000 workers. It reported net profit last year of 4.8 billion euros, or $6.1 billion.