German lender Deutsche Bank has reportedly seen one of its newly proposed board members be rejected by regulators.
The European Central Bank and Germany’s Federal Financial Supervisory Authority (BaFin) shot down the appointment of former UBS manager Juerg Zeltner. His appointment was announced in August.
The reason was that Zeltner was also set to represent the interests of Qatar’s royal family, which is a top Deutsche Bank shareholder.
The problem was that Zeltner is also the CEO of KBL European Private Bankers. The company’s business overlaps with that of Deutsche Bank’s. Qatar’s royal family also owns shares in KBL.
As such, the regulators believes Zeltner’s position would constitute a conflict of interest, people familiar with the matter told Reuters.
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