Commerzbank sets aside additional $549m in legal provisions

Money On Hook

Commerzbank, the target of a U.S. probe into alleged sanctions violations, set aside an additional $549m 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.'

Bloomberg News reports that the company may face costs related to the investigation in the first quarter in addition to the potential charges in its final full-year results, due out by the end of March, Engels said after the bank published preliminary 2014 earnings.

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

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