About 170 criminal police officers, prosecutors and tax inspectors conducted a search of six Deutsche Bank offices in and around Frankfurt on money laundering allegations, the public prosecutor said in a statement on November 29th, according to Reuters.
The investigations are into two Deutsche Bank staff members alleged to have helped clients set up offshore firms to launder money gained from criminal deeds, the prosecutor said.
"It is true that the police are currently investigating different locations of our bank in Germany. It's about a case related to the Panama Papers," Deutsche Bank said in a statement.
Shares in the bank slipped towards the bottom of the European benchmark, down around 3 percent at 11:30 a.m. London time.
Meanwhile, U.S.-listed shares in Deutsche Bank fell nearly 5 percent in pre-market trading.