Swedish Bank SEB hit with €511m tax demand as Frankfurt office searched in probe

clock • 2 min read
Swedish Bank SEB hit with €511m tax demand as Frankfurt office searched in probe

Swedish bank SEB said on 15 December it had been hit with a €511m tax demand from the German public prosecutor and its head office in the country was raided during the week as part of an investigation into so-called cum-ex transactions. SEB said: "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. "As part of this investigation, the public prose...

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