Deutsche Bank has "zero tolerance" for tax evasion

Apr 28, 2013, 9:03 AM EDT
Juergen Fitschen, Co-CEO of Deutsche Bank AG speaks during an extraordinary shareholders meeting in Frankfurt April 11, 2013.
REUTERS/Ralph Orlowski

Deutsche Bank has "zero tolerance" for customers seeking to evade taxes by holding assets in foreign accounts managed by the lender, Juergen Fitschen, the bank's co-chief executive  told German radio broadcaster Deutschlandfunk. Financial watchdog, Bafin, plans to take a closer look at German banks' business in offshore tax havens following the revelation that Uli Hoeness, the Bayern Munich soccer club president and an associate of Chancellor Angela Merkel, had turned himself into tax authorities over a secret Swiss bank account.

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