It was reported yesterday that Deutsche Bank is in the process of pulling out of its Malta operations as it trims down on overseas activities as part of a revamp being spearheaded by its new CEO.

The Reuters news agency cited sources that Deutsche Bank is planning to pull out of countries such as Malta, Finland, Norway, Denmark, New Zealand and Peru where it has only a small presence.  A source added that discussions were ongoing on a potential retreat from six other countries.

In Malta, Deutsche Bank (Malta) Limited holds a share capital of €520 million while Deutsche Holdings (Malta) Limited holds a share capital of €714,837,411.

Deutsche Bank (Malta) Limited offers a range of administrative and banking services to hedge funds, fund of funds and other alternative investment vehicles. The bank delivers administration services to support investment managers, financial sponsors and institutional investors all over the world in pursuing their investment objectives.

While it is presumably this arm that will be pulled out of Malta, it is unclear as to whether the bank is also pulling its holding company out of the islands as well.

Deutsche Bank is also freezing 2015 cash bonuses for current and former management board members while German regulator BaFin reviews the bank’s role in an interest rate manipulation scandal, two people familiar with the matter said.

Deutsche Bank has been hit with over €9 billion in fines and settlements in the past three years, including a record $2.5 billion settlement with US authorities for its involvement in manipulating the Libor benchmark interest rate.

The bonus freeze affects all members of the management board except new Chief Executive John Cryan, new Chief Financial Officer Marcus Schenck and new retail bank head Christian Sewing, one of the people said, adding that the move would also hit former top managers entitled to 2015 cash bonuses.