Deutsche Bank has "zero tolerance" for tax evaders: CEO

FRANKFURT Sun Apr 28, 2013 8:20am EDT

Juergen Fitschen, Co-CEO of Deutsche Bank AG speaks during an extraordinary shareholders meeting in Frankfurt April 11, 2013. REUTERS/Ralph Orlowski

Juergen Fitschen, Co-CEO of Deutsche Bank AG speaks during an extraordinary shareholders meeting in Frankfurt April 11, 2013.

Credit: Reuters/Ralph Orlowski

FRANKFURT (Reuters) - Deutsche Bank has "zero tolerance" for customers seeking to evade taxes by holding assets in foreign accounts managed by the lender, Co-Chief Executive Juergen Fitschen told German radio broadcaster Deutschlandfunk.

"Tax evasion is a crime," Fitschen said in an interview. "It's unacceptable."

Germany's biggest lender has restrictive policies for dealing with its customers' overseas assets and all employees working in the area are aware of it, Fitschen said.

"We have zero tolerance," he said, adding that if the bank had the slightest indication that foreign assets handled by the bank were not taxed, it would demand that customers prove the assets were legitimate.

Tax evasion has become an election issue in Germany after the shock 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.

Germany's financial watchdog Bafin plans to take a closer look at banks' business in offshore tax havens.

Fitschen said he was confident the Bafin enquiry would bring a good result. "As in other areas, we have nothing to hide."

Separately, UBS Chairman Axel Weber told Wirtschaftswoche magazine that Switzerland's biggest bank would no longer do business with customers seeking to evade taxes.

"I am confident that we can persuade the affected customers to put their situation with the German tax authorities in order," said Weber, who is a former Bundesbank president.

(Reporting by Jonathan Gould; Editing by Mark Heinrich)

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Comments (5)
usagadfly wrote:
So-called “private” banks and other financial institutions that take on the mantle of the taxing department of every Government on the planet should make that clear to their paying customers, and should insist on bounties or commissions on increased taxes collected. The true customers should fund the enterprises. They have become customers of government, not depositors, and they act like it. Caveat emptor. Private banks are disappearing.

Apr 28, 2013 9:24am EDT  --  Report as abuse
SanPa wrote:
Mr. Romney’s business is not welcome.

Apr 28, 2013 9:27am EDT  --  Report as abuse
Rhino1 wrote:
Now, that has to be one of the funniest things I have read in years – coming from Deutsche Bank.

Even in Germany people are smiling when they hear the name Deutsche Bank. Just about every week another scandal comes out and, of course, Deutsche is involved if not the main culprit.

They shouldn’t point the finger at anyone else, really. They should keep their mouth shut and stop ripping people off in every conceivable way. Better even, do everyone a favour and just CLOSE DOWN, you thieves.

Apr 28, 2013 10:22am EDT  --  Report as abuse
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