Deutsche Bank said it will be turning over financial information related to its dealings with Donald Trump, just as investigators dig deeper into the president’s connections with Russia.
Sources close to the bank confirmed to The New York Times that they expected subpeonas and would be cooperating, but were not authorized to speak publicly on the matter. Previously, the bank had hesitated to provide information when prompted by Democratic members of Congress.
Duetsche has provided “hundreds of millions of dollars in loans,” according to The New York Times, and aside from the Russia probe, bank regulators are investigating whether the loans expose the bank to higher risks. The bank did have to develop a special plan for monitoring its accounts with Trump once he entered the White House in order to guard against unusual dealings.
Deutsche Bank has worked with Trump for around at least 20 years, the Times said, noting the relationship began after other Wall Street banks refused to do business with the mogul following several hotel and casino bankruptcies. Vanity Fair said the total loan commitments reach more than $4 billion, and that other members of the Trump family, including Ivanka Trump and husband Jared Kushner, are also Deutsche clients.
Vanity Fair also noted that Deutsche’s other high profile clients include Russian oligarchs, and that the bank had worked with a Russian state-owned development bank, which is headed by Sergei Gorkov, who Kushner, an advisor to President Trump, at first did not admit to meeting in December.
It is not yet clear what documents Deutsche will provide, though some believe the move could also illuminate some of the questions posed by opponents after Trump refused to release his tax information to the public during the campaign and after his election.