Baudouin Prot, BNP Paribas figurehead, will leave prematurely as President of the French bank, nearly three months after a fine of nearly $ 9 billion imposed on the property for violations of American embargoes.
M. Prot, 63, was informed of the decision of the board of administration of the first French bank by market capitalization, told AFP on Tuesday sources familiar with the matter.
This instance responsible for validating the strategic direction of the institution, will meet Friday to endorse his departure.
In form, Baudouin Prot will formally submit his resignation to the board who will accept, according to sources who requested anonymity.
His departure should be effective December 1, according to both sources, three years before the end of his term.
M. Prot had indeed been extended to his post in May 2017 at the general meeting of shareholders.
His resignation was presented Tuesday to the Committee of Corporate Governance and Nominating Committee of the group, an instance of internal governance.
Jean Lemierre, 64, former director of the Treasury and his close adviser, who negotiated the agreement with the American authorities, but should bang his place, according to a source familiar with the matter.
The departure of Mr. Prot was raised in the middle of the case of embargo violations which dented the reputation of the bank.
This technocrat and finance inspector was general manager of the financial institution from 2003 to 2011, a period during which the bank had violated American law by making payments in dollars to countries (Cuba, Sudan and Iran) under embargo.
These offenses have earned BNP Paribas tough sanctions on the United States, with a record fine of $ 8.9 billion (€ 6.6 billion).
– Bruised –
If it has not been personally implicated by the American authorities, Mr. Prot was very affected by this case, according to internal sources.
Tensions with another strongman of the bank, the Director General, Jean-Laurent Bonnafé had risen a notch at the time had told AFP internal sources.
M. Prot presented himself resigned and was not pushed out, had told AFP Tuesday sources close.
“It’s a personal decision. Having accompanied the group he decided to step back and give way to new energy, “he told AFP one of them.
In the case of embargo violations, a dozen bankers, including Chief Operating Officer, Georges Chodron de Courcel had been specifically challenged by the American authorities.
A dozen of them, including five senior executives linked to the disputed transactions were also left the bank in recent months.
BNP Paribas, which has admitted the facts, was also forced to strengthen its surveillance in the United States, where it has banking networks of the West Bank and First Hawaiian Bank.
M. Prot has spent almost his entire career at BNP Paribas he joined in 1983.
He transformed the institution showing up its international ambitions.
Under his guidance BNP Paribas has stepped up acquisitions. It thus offered the Italian bank BNL sixth in 2006, Fortis Bank in Belgium and in 2009 BGL Luxembourg.
BNP Paribas has also enhanced in emerging countries, particularly in Eastern Europe east.
In ten years, the group’s revenues and its numbers have tripled.
M. Prot can also claim to have enabled the bank to weather the financial crisis of 2008 without scarring while most major American and European banks were stuck in the “subprime”.
BNP has paid the luxury to record one after a net profit of 3 billion euros in 2008 and 5.8 billion euros in 2009, almost doubled in a year.
The bank had was one of the first major institutions to close in August 2007, two funds exposed to the mortgage crisis in subprime risk, the origin of the crisis.
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