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The Boston Globe

Business

BNP Paribas warns on fines

PARIS — BNP Paribas says it may face fines far higher than the $1.1 billion it set aside last year after the French bank became the subject of a US investigation into alleged financial wrongdoing.

In a statement Wednesday Paris-based BNP Paribas, one of Europe’s largest banks, says ‘‘there is the possibility that the amount of the fines could be far in excess’’ of the provision.

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The bank is one of several that have held talks with US regulators about payments to countries, people, or entities that may have breached US sanctions.

BNP Paribas’s shares fell 4 percent Wednesday on the Paris stock exchange following the news, which came alongside the group’s first quarter results.

Two years ago, HSBC agreed to pay almost $2 billion to settle a similar case.

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