Raids were also conducted on six asset managements companies and four tax consultancies across Germany.
The purpose of the raids, according to the authorities, was to gather information in relation to allegations of tax evasion by wealthy individuals in Germany.
According to a statement from the Frankfurt Public Prosecutor, those in question were helped to hide capital gains tax by the former subsidiary of a major German bank in the British Virgin Islands.
The authorities said that these raids came following information gained from a previous raid on a major German Bank in Frankfurt.
It also said that these raids were prompted by information from the “Offshore Leaks”, the database from the International Consortium of Investigative Journalists made up of information gained from the Panama Papers.
In a statement released yesterday, Deutsche Bank made it clear that the investigations were not directed against the bank.
“The public prosecutor's office is investigating private individuals,” the statement read.
It said that it had been cooperating with the prosecutor’s office, and that it had voluntarily submitted requested documents.
“A search of the bank’s business premises has therefore not taken place,” Deutsche Bank.
The banks raided were located in Aachen, Bonn, Dusseldorf, Erding, Frankfurt, Cologne and Trier according to the according to the Frankfurt Public Prosecutor.
It said that the premises of the wealthy individuals in questions were in Bad Tölz, Erkrath, Hamburg, Konz, Simmerath and Sylt.
The offices of the four tax consultancies raided were in Achen, Hamburg, Hürth and Munich and all the asset management companies were located in Munich.