“State ought to sell share in BNP Paribas”

The Belgian state should consider selling its share in the French banking group BNP Paribas, say an increasing number of politicians. BNP Paribas was recently fined in the US for evading American sanctions over doing business with Cuba, Iran and Sudan. Many find its dealings with Sudan – which received funds even at the time of a genocide – particularly unacceptable.

“The fine is not enough and the bank’s reaction does not suffice either. The banking sector must demonstrate that this cannot be tolerated anymore,” said John Crombez (SP.A), departing secretary of state for the fight against fraud, on the Canvas news programme Ter Zake.

Crombez demanded more of a say in the banking group’s affairs. If this is impossible, the Belgian state should sell its 10% share, he said “We must see about the timing, though,”  he added. It is unusual for a parting government to take decisions like this, while the Belgian state would also hope to receive a good price for its share.

Crombez has the support of most political groups in parliament, although CD&V – the party of finance minister Koen Geens – is more reluctant. N-VA, SP.A and Groen have demanded that Geens appear in parliament as soon as possible. Geens has announced a meeting with BNP Paribas CEO Jean-Laurent Bonnafé.

The MPs also want to hear from Michel Tilmant and Emiel Van Broekhoven, the Belgian representatives on BNP Paribas’ board. Both, however, though appointed by the Belgian government, are independent and cannot be held responsible, financial newspaper De Tijd writes today. “As the largest private shareholder, our country has nothing to do with the French bank,” it concludes.

Photo: Laurent Vincenti/Wikimedia Commons