By Cecilia Butini

The German offices of BNP Paribas SA in Frankfurt are being searched by prosecutors amid an investigation into the company's Cum-Ex transactions, the bank said Wednesday.

The prosecutor's office in Cologne said it has been carrying out searches since Tuesday against 58 individuals who were or are currently employed at the bank or its subsidiaries.

"The operations are connected to Cum-Ex transactions currently subject of proceedings, as well as related tax evasion schemes," the prosecutor's office said in a statement.

BNP Paribas said it is continuing to fully cooperate with the public prosecutor according to legal requirements.

Write to Cecilia Butini at cecilia.butini@wsj.com

(END) Dow Jones Newswires

January 25, 2023 06:15 ET (11:15 GMT)

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