BNP Paribas’ COO Steps Down Early

French bank BNP Paribas said that its long-serving chief operating officer (COO), Georges Chodron de Courcel, will step down from his post at the end of this month and retire from the bank on 30 September.

He is leaving in order “to continue to fulfill his director roles while complying with the new French banking law, which limits the number of such mandates for bank corporate officers,” BNP Paribas said.

However, Chodron de Courcel’s departure comes ahead of BNP Paribas’ anticipated settlement with US authorities over the bank’s alleged transactions with Sudan, Iran and other countries subject to US sanctions. Reports, which suggest that it could involve
a fine in excess of US$10bn
, add that he is one of a number of BNP Paribas executives that New York State’s first Superintendent of Financial Services, Benjamin Lawsky, wants to leave the bank as part of a settlement.

According to the
Wall Street Journal
, others on the regulator’s list include Vivien Lévy-Garboua, a senior adviser to BNP Paribas chairman Baudouin Prot and the bank’s executive committee.

BNP Paribas revealed in February that it had booked a US$1.1bn provision to cover potential penalties after an internal probe showed a “significant volume of transactions” between 2002 and 2009 that could be “considered impermissible under US laws and regulations.”

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