Groupe BPCE’s biggest regional banking unit was fined 800,000 euros ($1.1 million) by French regulators for inadequate market-risk controls, Les Echos reported, citing unidentified sources.
BRED, a unit of BPCE’s Banque Populaire, introduced increasingly complex products without beefing up its risk controls, the regulators found, according to the newspaper report. The regulators disclosed the penalty on Jan. 2 without naming the bank that was sanctioned, Les Echos said.
BRED spokeswoman Nathalie Avril wasn’t available for immediate comment.
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