World News: 13:37 GMT Friday 27th June 2014. [Stock Market via SPi World News]
BNP Paribas plans to slash its dividend and sell billions of euros of bonds to investors next week as it nears a settlement with U.S. authorities over sanctions violations, the Wall Street Journal reported on Friday. U.S. authorities are probing whether BNP Paribas evaded U.S. sanctions relating primarily to Sudan between 2002 and 2009, and whether it stripped out identifying information from wire transfers so they could pass through the U.S. financial system without raising red flags, sources have said. The bank is expected to plead guilty to a federal criminal charge and pay nearly $9 billion (5.28 billion pounds) as part of a larger settlement with multiple enforcement authorities that could be announced as early as next week, sources said earlier this week. Analysts have predicted that the fine may hit the bank’s dividend plans and regulatory ratios.
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