November 30, 2018 / 7:59 AM / 11 days ago

UPDATE 1-Frankfurt prosecutor says Deutsche Bank raid continues for second day

* Raid linked to money laundering allegations

* Raids started on Thursday

* Large volume of material required ongoing searches (Updates with shares)

FRANKFURT, Nov 30 (Reuters) - A police raid of Deutsche Bank is continuing on Friday for a second day over money laundering allegations linked to the “Panama Papers”, a spokeswoman for the Frankfurt prosecutor’s office said.

The large volume of material means that the search is continuing on Friday, the office said.

A spokesman for Deutsche Bank declined to comment. On Thursday the bank said the lender was cooperating with investigators.

Deutsche Bank shares were indicated to open slightly lower on Friday morning after dropping 3.4 percent on Thursday.

Investigators are looking into the activities of two unnamed Deutsche Bank employees alleged to have helped clients set up offshore firms to launder money, the prosecutor’s office has said. It focuses on the years 2013 through to 2018, a spokeswoman for the prosecutor’s office said.

On Thursday, around 170 police officers, prosecutors and tax inspectors searched the offices where written and electronic business documents were seized.

Reporting by Tom Sims; editing by Thomas Seythal and Michelle Martin

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