Russian Standard Agrees to Pay Fine to BNP Paribas

The French BNP Paribas financial group still hopes to get its hands on the Russian Standard bank, one of the leaders on the Russian consumer lending market. The statement is based on terms of a peace agreement reached by BNP Paribas, Russian Standard and its owner Rustam Tariko. Under the document, the bank and its controlling shareholders assumed obligations to pay up to $25m fine to BNP PARIBAS if the bank sells, leases or anyhow withdraws more than 10% of its assets within a
certain timeframe. Russian Standard says the event will unlikely take place. However, the bank has formed $25m in below-line guarantees so long as its shareholders break the agreement.