FRANKFURT (dpa-AFX) - German regulators and authorities raided the offices of Deutsche Bank AG (DB) and its asset-management subsidiary DWS Group in Frankfurt over a probe into greenwashing allegations at DWS. The raid was conducted by about 50 officials, including public prosecutors, federal police and officials from the German financial regulator, BaFin.
The raid was conducted as part of the probe over investment fraud allegations. It is alleged that DWS was marketing investment products as much greener than they really were. The environmental, social and governance (ESG) standards were not maintained in some of the products to the level they were mentioned in the sales prospectus.
Financial institutions strive hard to market products that are in line with the global climate targets as such ESG standard products have become a major asset class and are quite popular with investors.
Deutsche Bank has confirmed the raids and reportedly said they were fully cooperating with the probe and will continue to do so.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
