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Another BNP exec reportedly departs under US pressure

Another top BNP Paribas executive has resigned as the French bank tries to satisfy US regulators seeking to punish it dearly for alleged violations of US sanctions, sources said Friday.

NEW YORK: Another top BNP Paribas executive has resigned as the French bank tries to satisfy US regulators seeking to punish it dearly for alleged violations of US sanctions, sources said on Friday.

Dominique Remy, who has held a number of senior posts, resigned in mid-May after New York state banking regulator Benjamin Lawsky named him as one of the 12 officials who should step down due to their roles in the scandal, according to two people familiar with the matter.

News of Remy's departure follows Thursday's announcement that chief operating officer Georges Chodron de Courcel would retire. Lawsky had also pressed for Chodron de Courcel's departure, sources told AFP.

Remy, 60, joined Paribas bank in 1979 and has held various posts in finance and commodities.

In July 2012, the bank appointed Remy head of the BNP Paribas Fortis Corporate and Investment Banking, in addition to his post as global head of structured finance.

US regulators and BNP Paribas executives are trying to hash out a settlement following charges the bank breached US sanctions against Iran, Sudan and Cuba between 2002 and 2009 by handling dollar transactions with them.

US news reports have said the US is seeking to fine the bank more than $10 billion. French officials, including President Francois Hollande, have criticised the size of the fine under discussion as disproportionate to the offenses.

US pressure is believed to have claimed a third senior executive, a source told AFP on Thursday.

He is Vivien Levy-Garboua, formerly in charge of internal controls at the bank's operations in North America and now an advisor to the management.

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