German Banks Defend Foreign Business After Report

September 2nd, 2009


Deutsche Bank AG, Commerzbank AG and Sal. Oppenheim Jr. & Cie. defended international activities after Die Zeit reported German lenders are “deeply involved” in business with tax havens.

The newspaper reported that German banks, through units in Liechtenstein and Switzerland, have business relationships with more than 1,600 foundations and trusts in tax havens, citing internal documents from the Finance Ministry.

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