|19 November, 2019

German authorities raid ABN Amro offices in Frankfurt - company

Dividend stripping, known as cum-ex, typically involves cross-border trading of company shares around a syndicate of banks

The head office of ABN AMRO bank is seen in Amsterdam May 29, 2007.

The head office of ABN AMRO bank is seen in Amsterdam May 29, 2007.

REUTERS/Koen van Weel

AMSTERDAM- Law enforcement officials in Germany paid an unnannounced visit to the Frankfurt offices of ABN Amro on Tuesday, the bank said on Tuesday, asking for information in connection with a broader investigation into dividend stripping.

A spokesman for the bank said it was cooperating with authorities and that German officials had also contacted the head office in Amsterdam for information, but had not raided it.

Dividend stripping, known as cum-ex, typically involves cross-border trading of company shares around a syndicate of banks, investors and hedge funds to create the impression of numerous owners, each of whom was entitled to a tax rebate.

(Reporting by Toby Sterling, editing by Louise Heavens) ((toby.sterling@thomsonreuters.com; +31 20 504 5002;))

More From Business