FRANKFURT, Jan 18 (Reuters) - Commerzbank is reviewing the possibility of returning to Iran, less than a year after agreeing to pay $1.45 billion to settle sanctions violations tied to the country. “Commerzbank is monitoring the development very closely and is reviewing a possible adjustment of its business policy,” a spokesman of Germany’s second largest lender said on Monday. While the bank joins a raft of European companies signalling they are prepared to re-enter Iran’s market, Commerzbank’s stance contrasts to that of other European banks, including Deutsche Bank and Standard Chartered, which have said they would continue to refrain from doing business connected to Iran. (Reporting by Arno Schuetze; Editing by Maria Sheahan)
Though it is less than a year since the bank paid out $1.45bn to settle sanctions violations, Commerzbank is now reviewing the possibility of returning to Iran. A bank spokesman said "Commerzbank is monitoring the development very closely and is reviewing a possible adjustment of its business policy". This marks one of the second statements of intent by a bank in saying how it will now approach Iran, given the repealing of some sanctions by the US. Elsewhere, Deutsche Bank and Standard Chartered have indicated that they will continue to refrain from doing any business connected to Iran.