Deutsche Bank is already looking for a substitute for a new board member just a few weeks ago. Under no circumstances will Jürg Zeltner relinquish his chief position at the banking group KBL in order to avoid any conflicts of interest, according to his environment. Therefore, the Swiss will resign his only in August lined up at the Frankfurt financial group.
The background to this is that the banking supervision of the European Central Bank (ECB) and the German Financial Supervisory Authority BaFin signal that Zeltner has to decide on one of the two tasks. KBL and Deutsche Bank are competing in at least one business area: in Wealth Management, both institutions compete for wealthy clients.
The matter is embarrassing for everyone involved. Deutsche Bank has failed to convince regulators ahead of Zeltner's order that any conflicts of interest can be resolved.
Now the two major investors from Qatar, who together hold at least six percent of Deutsche Bank, have to look for a new solicitor on the supervisory board: According to reports, they are already looking for a successor to Zeltner. In addition, they urge that Supervisory Board Chairman Paul Achleitner resigns his office prematurely.