Commerzbank agrees with prosecutors on fine for tax evasion -report

Oct 14 Germany’s Commerzbank has agreed with Cologne prosecutors to pay 17 million euros ($19.49 million) of fines for tax evasion, Sueddeutsche Zeitung reported on Wednesday, without citing the source of the information.

Germany’s second biggest bank by market value is the country’s third lender after Hypovereinsbank and HSH Nordbank to be fined for illicit business in Luxembourg and Panama.

The three banks, through their Luxembourg-based subsidiaries, have helped wealthy German customers to stash away assets in shell companies in Panama and so helped them with tax evasion, the newspaper said.

The Cologne prosecutor’s office and Frankfurt-based Commerzbank declined comment.