Finance

Home page

Finance

US may fine German bank

29 November 2010 09:01 (UTC +04:00)

Baku â€“ APA-Economics. Commerzbank AG, Germanyâ€™s second- biggest bank, is cooperating with U.S. authorities on an investigation of transactions involving Iran and said it canâ€™t gauge the outcome or financial impact of the examination, Bloomberg reported.

â€œThe bank is investigating the matter and cooperating with the U.S. and N.Y. authorities,â€ the Frankfurt-based company said by e-mail today. â€œIt is premature to assess the outcome or timing of the investigation and what, if any, impact financially or otherwise it may have on the bank.â€

Commerzbank may need to pay a three-digit million-euro fine to the U.S. because of past business with Iran, Boersen-Zeitung reported earlier today, citing settlements by other banks. Barclays Plc agreed in August to pay $298 million and Credit Suisse Group AG paid $536 million last year to settle claims they helped facilitate transactions that let Iran and other nations avoid government sanctions.

U.S. Federal and New York authorities asked Commerzbank to investigate dollar transactions processed through the U.S. and involving certain persons and countries, such as Iran, subject to sanctions or regulations administered by the U.S. Office of Foreign Assets Control, the bank said in todayâ€™s statement, without providing further detail.

Commerzbank is examining transactions between 2002 and 2007 following a U.S. request, Boersen-Zeitung said, citing Markus Beumer, head of the division for small and mid-sized companies.

Sven Gebauer, a spokesman for German financial regulator BaFin, didnâ€™t immediately return a call seeking comment.

The U.S. in September sanctioned a German bank, Europaisch- Iranische Handelsbank, accusing it of being a â€œlifelineâ€ for Iran as the regime develops nuclear and missile programs. Hamburg-based EIH said the allegations directed at it by the Department of the Treasury are â€œdefamatoryâ€ and â€œwithout substance.â€