Deutsche Bank enters into Non-Prosecution Agreement with US Department of Justice
Deutsche Bank AG (XETRA: DBKGN.DE NYSE: DB) today announced that it has entered into a Non-Prosecution Agreement with the United States Attorney’s Office for the Southern District of New York, a part of the United States Department of Justice, and a Closing Agreement with the Internal Revenue Service, a part of the United States Department of the Treasury, to resolve an investigation related to the Bank’s participation in various tax-oriented transactions for clients from approximately 1996 to 2002. Under the terms of these agreements, the Bank will pay USD553.6 million. The Bank has previously taken appropriate provisions for the full amount of the fine, so the payment will not have any impact on current net income.
Deutsche Bank is pleased that this investigation, which concerned transactions that ceased more than eight years ago, has come to a resolution. Since 2002, the Bank has significantly strengthened its policies and procedures as part of an ongoing effort to ensure strict adherence to the law and the highest standards of ethical conduct.
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Deutsche Bank is a leading global investment bank with a strong private clients franchise. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 80,000 employees in 73 countries, Deutsche Bank competes to be the leading global provider of financial solutions for demanding clients creating exceptional value for its shareholders and people.