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German prosecutors search Commerzbank offices over cum-ex trading

Public prosecutors in Cologne, Germany, have searched the offices of Commerzbank AG as part of an investigation into a dividend-stripping practice called cum-ex trading, Reuters reported after German newspaper Handelsblatt.

A spokesman for Commerzbank said the German lender is fully cooperating with the authorities and is hopeful for the matter to be resolved quickly.

Cum-ex deals involve trading shares rapidly to create the impression of numerous owners who are each entitled to tax refunds.

Commerzbank was previously reported to have been using the questionable practice. Deutsche Börse AG's offices were also raided in August as part of the investigation.