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BNP Paribas to close Cayman Islands business - Attac website
May 24, 2016 / 7:39 AM / a year ago

BNP Paribas to close Cayman Islands business - Attac website

PARIS (Reuters) - French bank BNP Paribas plans to close its remaining business in the Cayman Islands, campaign group Attac reported on its website on Tuesday, in the wake of the Panama Papers revelations about tax havens.

A BNP Paribas Bank logo is pictured outside its offices in Singapore's central business district January 7, 2016. REUTERS/Edgar Su

Attac - the Association for the Taxation of financial Transactions and Aid to Citizens - cited the minutes of a May 3 meeting of the finance committee of the French bank’s central works council.

BNP declined to comment on the report, but said in an email statement that it had closed two subsidiaries in the Cayman Islands and currently had two branches there.

According to its annual report, the remaining branches are linked to the Bank of the West, BNP Paribas’ retail bank in the United States, and the corporate and institutional banking division of BNP Paribas.

Attac’s report comes a day before BNP Paribas Deputy Chief Operating Officer Jacques d‘Estais is due to appear at a French Senate hearing relating to the Panama Papers, a collection of leaked data from Panama-based law firm Mossack Fonseca that put the spotlight on how the world’s rich use offshore tax regimes.

Earlier in May, the United Nations named the Cayman Islands along with the British Virgin Islands as British tax havens that had received some $72 billion (50 billion pounds) of company funds last year.

Reporting by Julien Ponthus and Gilles Guillaume; Writing by James Regan; Editing by Andrew Callus and Mark Potter

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