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France's top bank to close branches in tax heavens
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19:29, September 28, 2009

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BNP Paribas, the biggest banking group in France, is going to shut down offshore branches in tax heaven countries, the Chief Executive Officer Baudouin Prot confirmed Monday through the Europe 1.

"We have decided to close our filiations in tax heavens, those countries which remained in the grey list" of the Organization for Economics Co-operation and Development (OECD), Prot said, adding that the group will withdraw from Panama as well.

The Group of 20 leaders agreed Friday in Pittsbrugh, the United States, to strengthen international financial regulatory system, and promised to continue fighting against the tax evaders, warning strict sanction on the non-cooperative jurisdictions.

On the same day, Switzerland was removed from the grey list when there were still 22 countries or regions remaining in the category of tax heavens.

BNP Paribas is Eurozone's NO. 1 banking group in global banking and financial services, which has four domestic retail banking markets in France, Italy, Belgium and Luxembourg, and holds an international network with operation in 84 countries and 205,000 employees.

Source:Xinhua



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