Why BNP Paribas (BNPQY) Stock Is Higher This Afternoon

NEW YORK (TheStreet) -- Shares of BNP Paribas SA (BNPQY) are higher by 3.28% to $35.14 on heavy trading volume this afternoon.

The French bank was looking to calm stockholders' concerns regarding its ability to pay a $9 billion settlement with the U.S. regarding a sanctions violations case, the Wall Street Journal reports.

The settlement brings to a close a U.S. investigation into whether or not BNP violated U.S. money laundering laws by helping clients avoid sanctions relating to Cuba, Iran, and Sudan.

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The $9 billion payment would slash a little over half a percentage point from the company's core tier-one capital ratio, the Journal added.

BNP expected a 10% ratio decline by June 30, which leaves the company in line with most of its European counterparts.

BNPQY ChartBNPQY data by YCharts

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