The Financial Times has reported that the business at the core of Deutsche Bank’s latest money laundering probe was small and was earmarked for sale since early 2016,
Last week, over 170 police officers, prosecutors and tax inspectors raided Deutsche Bank’s Frankfurt headquarters.
The Financial times states that back in 2016, the bank put its Global Trust Solutions up for sale. The bank had, at the time, run trusts in low-tax jurisdictions, the Financial Times report reads.
The Financial Times report highlights that the German bank had announced a deal to sell this unit to Bermuda-based lender N.T. Butterfield Son in October 2017.