The towers of the Deutsche Bank are seen on the day of the annual meeting of the bank in Frankfurt, Germany, Thursday, May 24, 2018. (AP Photo/Michael Probst)
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Germany's biggest lenders have shied away from business with Iran after past penalties for breaching U.S. sanctions, but smaller banks have leapt on opportunities afforded by the nuclear deal rejected by Donald Trump.German exports to Iran have grown since the nuclear deal was signed in 2015, adding 15.5 percent last year to reach almost 2.6 billion euros ($3.0 billion) after 22-percent growth in 2016 .What's more, products sold to Iran cannot contain more than 10 percent of parts manufactured in the U.S.Germany's two biggest banks, Deutsche Bank and Commerzbank, avoid Iran completely after being slapped with harsh fines in 2015 over their dealings there, with Deutsche alone paying $258 million in penalties.Even that linkage could break if Iran's biggest business bank appears on a US list of barred businesses as it has before.Neither does the Bundesbank (German central bank) believe that much has so far changed for business with Iran.
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