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Germany’s top bank fined
Germany’s financial regulator, BaFin, fined Deutsche Bank €8 million for its slow handling of customer complaints and delays in processing investment portfolio transfer requests during the migration of Postbank data to a shared technology platform. The process involved data from around 12 million Postbank customers and 7 million Deutsche Bank customers, and temporarily left some customers unable to access their accounts. The fine comprised €5.5 million for handling complaints and €2.5 million for delays in transferring portfolios. The bank said it accepted the decision and had resolved the problems.
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