Deutsche Bank’s Frankfurt headquarters has been raided by German police as part of a money laundering probe linked to the Panama Papers.

Investigators are looking into the activities of two Deutsche Bank staff members who are alleged to have helped clients set up offshore firms to launder money, the prosecutor’s office said.

Around 170 police officers, prosecutors and tax inspectors searched six Deutsche offices in and around Frankfurt, and several documents were seized. The investigation is ongoing.

A spokesperson for Deutsche said: “We confirm that the police are currently conducting an investigation at a number of our offices in Germany. The investigation relates to the Panama Papers.

“We will be issuing further details in due course. We are cooperating fully with the authorities.”

Shares of the lender dropped 2.7 per cent when the news broke.

Details of thousands of individuals and companies involved in offshore companies were revealed when the Panama Papers were leaked in 2016.