Juerg Zeltner may need to choose between his position as CEO of KBL and board member at Deutsche Bank. The combination of the two may not be compatible.

The German financial regulator is looking into the Juerg Zeltner’s nomination as member of the supervisory board of Deutsche Bank, according to «Bloomberg». The reason for the probe is a potential conflict of interest between this role at Germany’s biggest bank and his day-to-day job as chief executive officer of KBL European Private Bankers.

Representing Qatar's Interests

Deutsche Bank may have to find ways to avoid potential conflicts of interest for Zeltner, otherwise ex-UBS banker Zeltner may have to step down again, the report stated, which didn’t reveal its sources.

Another option would be to give up the CEO position at KBL. Zeltner is the newest recruit as board member at Deutsche Bank and is also representing the interests of Qatar, one of the bank’s biggest shareholders. The country also owns KBL.

Abstention the Easiest of Options

Deutsche Bank said that the nomination committee had evaluated Zeltner’s potential conflicts of interest and had come to the conclusion that they were marginal. Zeltner didn’t comment.

Deutsche Bank could also simply ask Zeltner to abstain from voting in certain decisions. In 2018, Norbert Winkeljohann, a member of the board at the bank, abstained when a new auditor was selected because he previously had been member of the top management of PwC.