BERLIN (Reuters) -German financial watchdog Bafin on Tuesday fined Deutsche Bank 23.05 million euros ($24.3 million) over breaches in the sale of derivatives in Spain and two other failings at its Postbank business.
Deutsche Bank said it had accepted the fines and had improved its controls and processes.
The penalties, while not large, are a blow for Germany’s largest bank. Deutsche has been trying to improve its reputation under CEO Christian Sewing.
The bulk of the fine, nearly 15 million euros, was for the sale of derivatives in Spain in episodes that occurred as recently as 2021.
The same issue also resulted in fines last month from Spanish authorities, who accused Deutsche of breaching its duty to act in the best interest of customers. Unlike the German fine, Deutsche has appealed last month’s Spanish fine.
The German regulator said Deutsche “took too long to investigate the infringements and remedy the shortcomings”.
($1 = 0.9489 euros)
(Reporting by Riham Alkousaa and Tom Sims; Editing by David Goodman and Jan Harvey)
