SEB Says Cooperating With German Authorities in Cum-Ex Probe

SEB says public prosecutor visited the bank’s office in Frankfurt on Dec. 14 and 15 to request information, as part of an ongoing investigation regarding so-called cum-ex transactions, in which the purpose is to recover tax that was not paid.

• In this investigation, a number of individuals previously employed by SEB’s German subsidiary DSK Hyp AG are mentioned
• “To the best of our knowledge, SEB in Germany has not offered or conducted transactions where the purpose is to recover tax that was not paid. We distance ourselves from that type of arrangement,” bank says
• Earlier, German Prosecutors Search SEB’s Frankfurt ...