Spain Fines Deutsche Bank EUR 3 million for a “Very Serious” Violation

The Spanish supervisory authority, CNMV, fined Deutsche Bank EUR 3 million after finding that the bank had applied significantly higher spreads when repurchasing structured bonds from customers it had issued and had not disclosed this fact. The Spanish government said in its official bulletin that the fine was linked to a “very serious violation”. Deutsche Bank said it would appeal the fine.