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Commerzbank Frankfurt Offices Raided in Widening Tax Scandal

  • Lender says it is fully cooperating with the authorities
  • Scandal has caught up multiple financial institutions
The Commerzbank headquarters in Frankfurt.

The Commerzbank headquarters in Frankfurt.

Photographer: Alex Kraus/Bloomberg

Commerzbank AG’s offices in Frankfurt were searched Tuesday as German authorities continued their investigations into a widening tax scandal involving multiple global lenders.

The raids are tied to controversial trading practice across the industry known as Cum-Ex, according to a person with knowledge of the matter who asked not to be identified in disclosing private information. Cologne prosecutors confirmed they were conducting activities in the matter on Tuesday, without saying where or at what banks.