Though it is less than a year since the bank paid out $$1.45 billion 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 first 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.
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 first 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.