US EditionBNP Paribas €190mn Receivables Fraud Linked to 'New Entries, Low Collateralisation'
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3 Articles
The French banking group has provided 190 million euros on a specific file and announces results that have disappointed the market. ...
BNP Paribas €190mn receivables fraud linked to 'new entries, low collateralisation'
BNP Paribas has said a €190mn fraud charge linked to receivables financing in its global markets division is linked to “new entries” with “low collateralisation”. The Paris-headquartered lender made a €190mn “cost of risk” charge in relation to a specific credit event in its Q3 earnings report published on October 28. Group chief financial officer Lars Machenil told analysts on an earnings call that the incident relates to a file in its global…
Major French bank BNP Paribas has increased its provisions for potentially uncollectible loans and credits by a quarter year-on-year. This is largely due to a "specific issue," for which the bank is setting aside nearly €190 million.
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