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BNP Paribas Swiss business joins commodity trade finance exodus

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The Swiss arm of France's BNP Paribas said it is closing its commodity trade finance business, the latest bank to withdraw after the coronavirus crisis led to defaults and exposed a series of frauds.

FILE PHOTO: The BNP Paribas logo is seen at a branch in Paris, France, February 4, 2020. REUTERS/Benoit Tessier/File Photo

Industry sources have said the BNP division has struggled to be profitable since cutbacks prompted by a $8.9 billion fine it paid for violating U.S. sanctions in 2014.

 

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