November 19, 2019 / 1:27 PM / a month ago

German authorities raid ABN Amro offices in Frankfurt - company

AMSTERDAM, Nov 19 (Reuters) - 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)

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