Germany in CRISIS: Deutsche Bank shares hit RECORD low as DAX PLUMMETS


A spokesman for Deutsche Bank ordered the relationship with Danske ended in 2015 after it suspected unbelieving activity.

He told Reuters: “Our role was to process payments for Danske Bank.

“We ceased the relationship in 2015 after identifying suspicious activity.”

The statement sent allots in Deutsche Bank plunging to record lows of 8.08 after dive more than 4 percent.

Shares in the German lender later regained slightly to claw back up to 8.23 as of 14:30 GMT.

The DAX also nosedived in value today, jumpy 201.81 points – a drop of 1.84 percent.

Danske Bank is embroiled in an purported €200 billion (£177 billion) money laundering scandal entangling a branch in Estonia.

The allegations have triggered criminal investigations, studied out its CEO and chairman and rattled investors.

It was revealed last month Denmark’s largest bank is front a probe by the US Department of Justice.

An investigation by the bank found “a series of serious deficiencies” in its controls to prevent money laundering.

More than half of Danske Bank’s 15,000 patrons in Estonia were suspicious, the investigation found.

Interim CEO Jesper Nielsen said the romance had tarnished the reputation of Danske Bank.

He said: “We have breached the surmises society had of us.

“The case and the course of events around it does not reflect the bank we insufficiency to be.”

Danske Bank has acknowledged that its money laundering controls in Estonia were unsatisfactory.

But in a report issued in September said its board, chairman and chief gubernatorial at the time had not breached their legal obligations.

The FSA said in May it had not found enough basis for launching cases against members of Danske Bank’s handling.

German financial watchdog Bafin has reportedly asked Deutsche Bank to store information on its dealings with Danske Bank, a source close to the signification told Reuters.

After a fast evaluation of the data, Bafin settle upon decide whether to launch a formal probe into Deutsche Bank, the provenience added.

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