BNP Paribas SA is shutting its Swiss commodity trade finance business, exiting a sector it once dominated but has been hit by a series of massive frauds.
The former Paribas investment bank's office in Geneva helped pioneer the use of letters of credit to finance oil trading in the 1970s, and became one of the leading lenders to the industry. However, BNP Paribas had been shrinking in commodity trade finance since 2014, when it was fined $8.9 billion for violating U.S. sanctions.
The plan could impact as many as 120 employees in its Geneva offices, the French bank said in a statement late Tuesday.
The plan could impact as many as 120 employees in its Geneva offices, the French bank said in a statement late Tuesday.
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