5/30/2019, 12:09 PM (Source: TeleTrader)
more TeleTrader news

BaFin considering fining Commerzbank - report

The Federal Financial Supervisory Authority (BaFin) may fine Commerzbank AG if an investigation determines the bank was too late in informing its investors of strategic changes in 2016, the Handelsblatt reported on Thursday.

According to people close to the matter, BaFin officials are looking into whether the lender already made significant changes to its structure that required it to announce its "Commerzbank 4.0" strategy earlier than it did. The changes included severe job cuts and the merger of the investment bank with the corporate business.

If concluded that Commerzbank was late with filing mandatory communications, the German finance regulator may impose a fine amounting to a maximum of 2% of the company's annual turnover in the year before the offense, or approximately €195 million.

Breaking the News / MD