Commerzbank Said to Face Fines in Sanctions Probe

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July 8 (Bloomberg) –- Bloomberg’s Hans Nichols reports on Commerzbank, Germany’s second-largest lender, becoming the next bank to resolve alleged U.S. sanctions violation and pay penalties of at least $500 million. He speaks to Anna Edwards and Ryan Chilcote on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

Hans nichols who is live in berlin.

$500 million is the potential size of the ban for commerzbank for sanctions violations.

This is a similar infraction that bnp paribas had.

One is commerce bank, not deutsche bank.

When the new york times broke the story overnight which bloomberg has confirmed, there was a bit of speculation that comcommerz was a dry run before deutsche bank.

At the same time, there is no felony or no criminal discussion with commerce bank.

If you look at what the provisions are for legal offers, it is in the one -- in the 1.2 billion range.

Our u.s. regulators shifting their attention from french banks to german banks?

That means deutsche bank.

Will they be next?

That is where we will be knocking on doors, trying to find out.

Interesting, hans nichols in

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