Published by Global Banking & Finance Review®
Posted on December 6, 2024
1 min readLast updated: January 27, 2026
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UniCredit's Munich offices were searched in a German tax fraud probe involving a former client and other banks. The bank is cooperating fully.
MILAN (Reuters) - Italian bank UniCredit said a German probe over alleged tax fraud concerned a single former client, after its Munich offices were raided on Friday.
The European Public Prosecutor's Office said that it had conducted searches at a bank in Munich over possible value-added tax fraud, without naming the bank involved. Bloomberg News reported the bank searched was UniCredit's German arm.
UniCredit said in an emailed statement that other European banks were also involved in the probe, which is "related to a historical case involving an individual client."
"This issue was previously reported by the bank to the authorities and the bank is working with them, providing all necessary information to support this investigation with full transparency," it said.
(Reporting by Valentina Za, editing by Gavin Jones)
The main topic is a German tax fraud probe involving UniCredit and other banks, focusing on a former client.
The probe involves UniCredit and other unnamed European banks.
The investigation concerns alleged value-added tax fraud.
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