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Commerzbank Confirms Prosecutors Search Headquarters

02/24/2015 | 12:36pm US/Eastern

FRANKFURT--Germany's Commerzbank AG said Tuesday that state prosecutors searched its headquarters for evidence of possible tax evasion by clients, in a probe involving cases dating back 10 years or more.

"Commerzbank has an interest in a rapid and comprehensive resolution of the matter and fully supports the authorities' efforts," a spokesman for the bank said. The probe involves clients, or former clients at Commerzbank's Luxembourg-based unit.

German daily newspaper Sueddeutsche Zeitung earlier reported that more than 150 German prosecutors, tax inspectors and detectives had launched a raid on Commerzbank's Frankfurt headquarters. Employees at Commerzbank's Luxembourg subsidiary are suspected of having aided and abetted tax evasion, according to the report.

The bank said it rejects business relationships with customers whose tax status hasn't been cleared. Germany and other countries in recent years have stepped up efforts to catch tax dodgers through an increased exchange of bank data, preventing clients from hiding money from tax authorities.

Write to Natalia Drozdiak at Natalia.Drozdiak@wsj.com and Isabel Gomez at Isabel.Gomez@wsj.com

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