Swiss authorities have searched the premises of Bank J Safra Sarasin in Switzerland as part of an investigation into cum-ex share deals.

Swiss authorities have searched the premises of Bank J Safra Sarasin in Switzerland as part of an investigation into cum-ex share deals.

Bank Sarasin confirmed to this publication that a search was conducted on 23 October at its offices in Zürich and Basel, following a request for legal assistance by the German authorities.

The probe is part of an investigation by German authorities into cum-ex deals, also known as dividend stripping.

Dividend stripping is when shares are sold just before a dividend payment is made and then bought back after the payment to avoid paying tax on the dividend and has been banned in Germany since 2012.

Bank Sarasin said that the probe was related to a legacy issue from the time the bank was owned by Rabobank.

“Bank J Safra Sarasin was not and is not involved in the set up or the processing of such cum-ex transactions, as the funds under investigation were established and operated by a third party, not by the bank,” the bank said.

Swiss newspaper Tages-Anzeiger reported on Friday that 30 people were being investigated for involvement in the deals, with leading bank employees and lawyers allegedly among those suspected. The paper said that €462 million ($585 million) had been illegally obtained.

Other banks that have been investigated for dividend stripping include HypoVereinsbank, the German arm of Italian bank Unicredit, and German bank HSH Nordbank, which set aside €127 million to cover possible tax liabilities last year.