Deutsche Bank has given expensive gifts to senior Chinese officials at a time when it was trying to occupy an important position in the Chinese financial industry, according to the German newspaper Süddeutsche Zeitung.

The newspaper, along with German public service VDR and the US daily New York Times, reported that the bank employed children from members of China's political and economic elite.

Deutsche Bank said in a statement that "these events date back to 2002" and that the situation has been resolved.

The bank, without specifying details, announced that it had "identified, thoroughly investigated and reported to the authorities on certain conduct in the past", AP reported.

Deutsche Bank previously said in a separate statement that it would stop making transfers to banks in Malta by the end of the year because of fears that money laundering would take place in that Mediterranean country.