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Deutsche Bank prosecutors' raid found client list related to Panama Papers

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Deutsche Bank prosecutors' raid found client list related to Panama Papers

German prosecutors found a list of 900 clients involved in the Panama Papers tax evasion case during their November 2018 raid on Deutsche Bank AG, people with knowledge of the matter told Bloomberg News Jan. 9.

The list contains the names of individuals and entities, most of whom are located outside Germany, Bloomberg's sources said.

The raid focused on suspicious transactions conducted at the bank's wealth management division in the British Virgin Islands which served the clients on the list, the report said.

The Panama Papers allege that the German lender's employees helped clients evade tax by setting up off-shore companies for them in tax havens, Bloomberg reported.

The lender's CEO Christian Sewing told German newspaper Bild am Sonntag in an interview in December 2018 that he does not expect to be personally targeted by the probe, which he had thought closed since Deutsche Bank had investigated it in "close cooperation with supervising authorities" in 2016, the report said.

Deutsche Bank's shares on Frankfurt's Xetra exchange closed down 2.77% at €7.41 Jan. 9 compared their previous-day close.