BNP Paribas fine: 'Disproportionate', says French PM Hollande to Obama

Paris: French President Francois Hollande has written to US counterpart Barack Obama to express concern that a possible $10 billion-plus fine for its biggest bank, BNP Paribas, would be `disproportionate’, an official at Hollande’s office said.

US authorities are investigating whether BNP evaded US sanctions relating primarily to Sudan, Iran and Syria between 2002 and 2009. Sources familiar with talks between them and the bank have said the potential fine could exceed $10 billion.

Hollande flagged in the letter the need for a `reasonable’ approach by the US justice system in close cooperation with the financial regulatory authorities, the official added on Wednesday.