Search of Deutsche Bank offices continues in German 'Panama Papers' probe

German authorities are continuing to search offices of Deutsche Bank as part of an investigation into suspicion that some employees helped set up offshore companies that were used to launder hundreds of millions of euros.

The Frankfurt prosecutors' office told the dpa news agency on Friday that additional materials were being secured in the second day of the raids.

On Thursday, about 170 police officers, prosecutors and others searched through the bank's headquarters in Frankfurt and buildings in nearby areas, seizing electronic and paper records.

Prosecutors say information from analysis of documents leaked from tax havens in recent years, including the 2016 "Panama Papers", prompted their investigation.

Two employees, aged 50 and 46, are currently under investigation for allegedly failing to report suspicious transactions but prosecutors say the investigation could broaden.

In a statement issued on Thursday, Deutsche Bank confirmed the search and said "the investigation has to do with the Panama Papers case".

"More details will be communicated as soon as these become known. We are cooperating fully with the authorities," the bank said.

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