Deutsche Bank offers to pay $100 million for breaches of corruption
According to a person familiar with the matter, the German lender would enter into a deferred prosecution deal to settle charges arising from its attempts to win business in places like China.
According to a person familiar with the matter, federal prosecutors are set to report that Deutsche Bank violated anti-bribery laws when it sought to win business in places like China.
In Brooklyn federal court on Friday, Deutsche Bank is expected to agree to pay more than $100 million to settle the charges and to enter into a so-called deferred prosecution agreement, said the source, who spoke on condition of anonymity because the agreement had not been announced.
Such an arrangement will represent Deutsche Bank's new black eye, which in recent years has repeatedly been penalized for its role in money laundering and for breaching foreign sanctions. In 2019, the German bank agreed to pay $16 million to the Securities and Exchange Commission to settle charges that it used fraudulent means to gain business in China and Russia.
The New York Times revealed in 2019 that, as the bank sought to boost its profile and secure lucrative deals in China, Deutsche Bank had for years lavished Chinese leaders with luxurious gifts and paid millions of dollars to politically connected consultants.
A long-running investigation will settle an arrangement between Deutsche Bank and the Department of Justice just days before President Trump leaves office. The German bank has been Mr. Trump's main lender for the past two decades; he reportedly owes more than $300 million to Deutsche Bank.