Deutsche Bank has offered an out-of-court settlement to a senior Mainland China banker that Germany’s biggest bank sued for allegedly transferring millions of dollars when he worked for the bank to an offshore company held by his relative without approval, a report said.

Deutsche Bank has offered an out-of-court settlement to a senior Mainland China banker that Germany’s biggest bank sued for allegedly transferring millions of dollars when he worked for the bank to an offshore company held by his relative without approval, according to the South China Morning Post, citing unnamed sources.

The Frankfurt-listed bank filed a writ in the Hong Kong High Court earlier in August, demanding that Zhang Hongli, now senior executive vice-president of the Industrial and Commercial Bank of China, repay $6.3 million. That amount is made up of the $3.9 million that Zhang was said to have transferred and $2.3 million of accumulated interest. It did not say when the transfer took place.

Zhang, also known as Lee Zhang, held senior positions at Deutsche Bank from 2001 to 2010. Deutsche Bank has now offered to forgo the $2.3 million in interest but still insists Zhang should pay back the transferred amount of $3.9 million, the report said.

Neither Zhang nor his lawyer could be reached for comment, the report said, adding that Deutsche Bank has declined to comment.

Deutsche Bank declined to comment to this publication yesterday.

The Deutsche Bank writ reportedly said Zhang had caused the Hong Kong branch of Deutsche Bank to move $3.9 million to the account of a company called Harperskille at the Shenzhen branch of China Merchants Bank.