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French official: Hollande tells Obama mooted BNP fine disproportionate

[June 04, 2014]  PARIS (Reuters) - French President Francois Hollande has written to U.S. 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.

U.S. authorities are investigating whether BNP evaded U.S. 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 U.S. justice system in close cooperation with the financial regulatory authorities, the official added on Wednesday.

(Reporting by Julien Ponthus; Editing by Mark John)

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