The former management board of Sal Oppenheim, the wealth management arm of Deutsche Bank, is under legal scrutiny standing accused of embezzling money from the bank between 2007 and 2009, according to a spokesperson for the company.

The spokesperson said that it is supportive of the legal action from this initial step.

The new management board of the Cologne-based private bank said in a statement that it is examining the possibility of taking its own legal action.

The management team at the wealth manager has been completely altered since 2009, when Sal Oppenheim was a full-service bank on the brink of collapse.

Deutsche Bank acquired Sal Oppenheim in March 2010 for €1 billion ($1.3 billion), and this year the bank has returned to profits.

Since it was bought by Deutsche, the bank’s finances have been restructured and up to 60 per cent of risks from the firm’s balance sheet have been cut, a spokesperson for the company has previously told this publication.