Commerzbank Is Entertaining Some Uninvited Guests Today


A couple hundred German tax officials from the state prosecutor's office thought they'd have a look around the place.

German prosecutors searched Commerzbank offices on Tuesday, looking for evidence that a foreign life insurance company may have helped German investors evade taxes.

State prosecutors in Bochum said around 270 tax officials searched the bank's headquarters and branches across Germany, looking into the sale of wealth management products "disguised" as tax-efficient life insurance policies….

"The investigations are not directed at the bank but at individual employees at another financial services provider," a Commerzbank spokesman said, declining to give further detail.

Prosecutors search Commerzbank in tax evasion probe [Reuters]