Skandinaviska Enskilda Banken AB denied any involvement in an alleged tax fraud scheme after media reports claiming the Swedish lender has contributed to funding of criminal tax evasion in Germany.

The lender clarified that it has not offered or financed transactions for the purpose of recovering unpaid taxes, or so-called cum-ex transactions. SEB added that no criminal suspicions have been directed toward it by German authorities despite a review of its securities transactions during dividend periods for years preceding January 2016, when legislation was changed.

"SEB has no customer relations where the sole purpose is to avoid taxation," the bank said in an Oct. 18 statement.

The lender noted that it has conducted an "in-depth review" of its securities lending business in Germany and found no irregularities or any indication that it was complicit in helping recover unpaid taxes.