House Intelligence Committee Chairman Adam Schiff says in a statement the subpoenas issued included a “friendly subpoena to Deutsche Bank.”

US President Donald Trump waves prior to departing on a trip to Wisconsin from the White House in Washington, US., October 24, 2018.
US President Donald Trump waves prior to departing on a trip to Wisconsin from the White House in Washington, US., October 24, 2018. (Reuters)

Two US House of Representatives committees have issued subpoenas to multiple financial institutions, including Deutsche Bank AG, for information on President Donald Trump’s finances, the panels’ Democratic leaders said on Monday.

“The potential use of the US financial system for illicit purposes is a very serious concern. The Financial Services Committee is exploring these matters, including as they may involve the president and his associates, as thoroughly as possible,” the committee’s chair, Maxine Waters, said in a statement.

House Intelligence Committee Chairman Adam Schiff also confirmed in a statement that his panel has issued the subpoenas as well.

TRT World's Harry Horton has more details.

A 2018 financial disclosure form showed liabilities for Trump of at least $130 million to Deutsche Bank Trust Company Americas, a unit of the German bank. They are for properties including the Trump International Hotel in a former post office in Washington.

Deutsche Bank said in January, shortly after Democrats took control of the House following the November elections, that it had received an inquiry from the two committees on its ties to the Republican president.

Schiff said Deutsche bank had been cooperative. “We look forward to their continued cooperation and compliance,” he said.

Kerrie McHugh, a Deutsche Bank spokeswoman, said the bank was engaged in a “productive dialogue” with the two committees.

“We remain committed to providing appropriate information to all authorised investigations in a manner consistent with our legal obligations,” she said in an emailed statement.

The New York Times, which first reported the committees’ actions on Monday, said Citigroup Inc, JPMorgan Chase & Co and Bank of America Corp had also received subpoenas.

Trump lawyers did not immediately respond to requests for comment.

Source: TRTWorld and agencies