How BNP Paris is quietly shedding its African liabilities

It's been more than five years since BNP Paribas, in the wake of the $8.9 billion fine imposed in 2014 by the U.S. Department of Justice for doing business with countries under sanctions, gave up its very lucrative oil-backed lending and other high-stakes activities in Africa. But the French banking giant still holds stakes in African banks that give its lawyers nightmares. BNP and the government of Gabon have come up with a complex arrangement to allow BNP to divest from Gabon's BICIG without having to guarantee its liabilities. [...] (375 words)
Issue dated 09/04/2020 Reading time 2 minutes
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