Commerzbank said close to agreement to settle Iran case

Flag of Iran

Commerzbank is nearing agreement with U.S. authorities over its dealings with Iran and other countries under U.S. sanctions, sources familiar with the matter said.

Reuters reports that the bank is expected to pay about $650 million to resolve the U.S. probes, one person said.

An announcement could come as soon as next week but is more likely within the month, the sources said. The sources did not want to be identified because negotiations are still underway.

Reuters previously reported Commerzbank, Germany's second largest lender, was expected to pay U.S. authorities between $600 million and $800 million, including a demand for more than $300 million from New York's Department of Financial Services, headed by Benjamin Lawsky.

The New York regulator is likely to receive about $300 million, one source said on Wednesday.

Hit the link below to access the complete Reuters article:

Commerzbank close to settling U.S. sanctions probes

Goldman Sachs plans benchmark-size dollar sukuk issue

Bank Workers CharityBank Workers Charity - Supporting bank workers

Register for Financial Markets News Alerts