Commerzbank Reviews Relationships With Over 1,000 U.S. Clients
(Bloomberg) -- Germany’s Commerzbank AG is reviewing its relationship with more than 1,000 retail clients that have a relation to the U.S., according to people familiar with the matter.
The bank has sent letters in recent months to retail clients that have a securities trading account who either live in the U.S. or are U.S. citizens living in Germany, these people said, declining to be identified because the information is private.
“We are obliged to follow the rules of the U.S. SEC and tax authorities,” Germany’s second-largest bank said in a statement to Bloomberg News Monday, referring to the Securities and Exchange Commission. “We’re therefore in individual talks with holders of security trading accounts and who have some relation to the U.S.”
Clients who are affected can take steps including switching to a Commerzbank wealth management product designed to better conform to U.S. tax regulations, the bank said. The lender didn’t specify which rules spurred the review.
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