October 20, 2015 / 5:07 PM / 2 years ago

Credit Agricole says provisions to cover U.S. fine

PARIS, Oct 20 (Reuters) - French bank Credit Agricole said on Tuesday it would pay $787 million in sanctions-busting fines agreed with U.S. authorities from existing provisions, with no further effect on its accounts in the second half of the year.

“The payment of this penalty will be allocated to the pre-existing reserve that has already been taken,” the bank said in a statement.

U.S. authorities said on Tuesday a Credit Agricole subsidiary agreed to pay the penalty and accepted responsibility for banned movements of hundreds of millions of dollars that violated sanctions against Iran, Sudan and other countries.

The bank said it was “committed to continue to strengthen its internal procedures and compliance programs regarding sanctions laws and will continue to cooperate fully with the U.S. and New York authorities”.

Reporting by Laurence Frost; Editing by Geert De Clercq

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