According to the Sueddeutsche Zeitung newspaper, the probe is connected to suspected offences in the bank’s dealings with companies linked to Russian billionaire businessman Roman Abramovich.

Prosecutors confirmed the raids but did not say who was being targeted.

The Frankfurt prosecutors’ office said it was carrying out an “investigation into unknown responsible parties and employees of Deutsche Bank on suspicion of money laundering… and related additional allegations under the Anti-Money Laundering Act”.

“In the past, Deutsche Bank maintained business relationships with foreign companies that… are themselves suspected of having been used for the purpose of money laundering,” a spokesman for the office said in a statement to AFP.

It said the investigation was being carried out by a specialist economic crime unit along with the federal police.

A spokesman for Deutsche Bank confirmed the raids, and the bank said it was “cooperating fully with prosecutors” but refused to comment further.

Abramovich has been sanctioned by the EU following Russia’s invasion of Ukraine.

Sueddeutsche Zeitung said Deutsche Bank was being investigated on suspicion of not reporting possible money laundering in a timely manner.

According to news site Der Spiegel, the search in Frankfurt started just after 10.00am and involved around 30 plainclothes investigators.