Deutsche Bank found in 'material non-compliance' with Dubai regulator

DUBAI Sun Feb 9, 2014 2:32am EST

A man walks past Deutsche Bank offices in London December 5, 2013. REUTERS/Luke MacGregor

A man walks past Deutsche Bank offices in London December 5, 2013.

Credit: Reuters/Luke MacGregor

DUBAI (Reuters) - The regulator of Dubai's tax-free financial centre said on Sunday that Deutsche Bank (DBKGn.DE) had been found to be in "material non-compliance" with orders to provide information as part of an investigation into alleged rule breaches.

The Dubai Financial Services Authority (DFSA) had in November last year sued the lender, after almost one year of investigations into the bank's wealth management division.

The material non-compliance was declared by the court which covers the Dubai International Financial Centre (DIFC), home to many large global banks and asset management who were lured by the region's oil wealth and fast economic growth.

Deutsche Bank declined to comment.

(Reporting By Mirna Sleiman; Editing by David French)

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