US President Donald Trump has filed a lawsuit against Deutsche Bank and Capital One in a bid to block the release of his financial records.

Two US House Committees issued the banks with subpoenas earlier this month to release Trump’s business records as part of an investigation into the Trump family finances.

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Trump, his three eldest children and the Trump Organisation have launched a lawsuit, arguing that the demands of the Democrat-controlled committees have no legitimate grounds or lawful purpose.

Both banks have been involved in Trump’s property empire.

The lawsuit, filed in New York late on Monday, said: “[The subpoenas] were issued to harass President Donald J. Trump, to rummage through every aspect of his personal finances, his business, and the private information of the president and his family.”

A Deutsche Bank spokesperson told the New York Times: “We remain committed to providing appropriate information to all authorised investigations.”

The chair of the financial services committee Maxine Waters and chair of the intelligence committee Adam Schiff branded the lawsuit “meritless.”

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On issuing the subpoenas earlier this month, Waters said: “The potential use of the US financial system for illicit purposes is a very serious concern.

“The financial services committee is exploring these matters, including as they may involve the president and his associates, as thoroughly as possible.”

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