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Report: Deutsche Bank to cut ties with RCB Bank

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Report: Deutsche Bank to cut ties with RCB Bank

will discontinuelinks with RCB BankLtd., Bloomberg News reported April 9.

Thedecision was communicated to the Cypriot bank March 21, but the timeline forits implementation was accelerated after reports RCB Bank, in which holds a 46% stake, tooffshore deals of some $2 billion linked to associates of Russian PresidentVladimir Putin, a source told the newswire.

Thetwo companies will continue their correspondent banking relationship during atransition period, the newswire added, citing an emailed statement from RCBBank. The lender also denied that Deutsche Bank's decision was linked to thePanama Papers leak.

"Wewere informed about Deutsche Bank's decision well before the Panama Papersaffairs," spokesman Michael Maratheftis told Bloomberg.