Commerzbank Says U.S. Sanctions-Busting Talks Have Intensified

Germany’s Commerzbank AG, the target of a U.S. probe into alleged sanctions violations, set aside an additional 484 million euros ($549 million) for legal provisions and said it may need to repeat the exercise.

“In the last couple of days, discussions with the U.S. authorities have further intensified,” Chief Financial Officer Stephan Engels said on a call with analysts Thursday. “There is a high probability that this might lead to a further increase in legal provisions.”