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Spain fines Deutsche Bank $3.3 million for mis-selling bank products -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Germany’s Deutsche Bank in Frankfurt is captured early on January 26, 2016, at 6:15 PM. REUTERS/Kai Pfaffenbach/File Photo

FRANKFURT/MADRID – A Spanish supervisor has been fined Deutsche Bank (3 million euro) (DE: $33.22 million), after applying substantially higher spreads to clients’ repurchases of structured bonds from the German lender, and failing it to disclose.

The Spanish government stated Monday in an official bulletin that it related to a serious offense without naming clients or the case.

Deutsche indicated that they would contest the fine.

According to government’s gazette the German lender hadn’t taken the appropriate measures to address the “existing conflicts of interest” in the repurchase of clients of Deutsche Bank Group structured bonds. The spreads were significantly higher than their fair value, and customers were not advised.

According to the German lender, it indicated that it had done the right thing in the situation by “applying conflict-of-interest management policies and additional measures according to the regulations applicable at the time the events were inspected.”

($1 = 0.9048 euros)

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