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French bank expects $1.2bn in US sanctions fines

September 5, 2018 at 12:13 pm

France’s Societe Generale [Flickr]

France’s Societe Generale yesterday expected to pay €1.1 billion ($1.27 billion) infinesto settle a dispute with US over its violation ofsanctions imposed on Iran.

The country’s second largest bank said in a statement that it expects to be able to pay the fine “from funds allocated to settle the dispute”.

“Societe Generale has entered into a phase of more active discussions with US authorities with a view to reaching a resolution of this matter within the coming weeks,” the statement said, adding that “within the provision for disputes amounting to €1.43 billion[$1.66 billion], approximately €1.1 billion [$1.27 billion]equivalent is allocated to the US sanctions matter.”

Earlier in June, the US Justice Department announced that the bank would pay the US authorities and France $1.34 billion to settle allegations of bribing officials in Libya and manipulating the Libor interest rate benchmark.

In 2017, the bank paid a €1billion ($1.16 billion) fine for bribery in Libya, AFP reported.

READ: US warns UK of ‘serious consequences’ if it does not toe the line on Iran