The Frankfurt public prosecutor's office has closed its investigation into two Deutsche Bank employees in the “Regula” proceedings due to lack of "sufficient suspicion", but has fined the bank €15 million.

The proceedings were linked to German client interactions with offshore entities established by Regula Ltd, a subsidiary of Deutsche Bank. The bank sold Regula in March 2018.

The sale meant the allegations of aiding and abetting tax evasion and of money laundering made against the employees and the bank have been dropped.

At the same time, the bank accepted a €5 million fine and the confiscation of a...