By the board

9 October 2019 By Liam Proud Follow @liamwardproud

It’s hard to find experienced board members with no conflicts of interest. But the German lender’s latest appointee Juerg Zeltner runs and owns a stake in wealth management rival KBL. That’s unusual even for incestuous European banks. Chairman Paul Achleitner should think again.

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The European Central Bank and German financial regulator BaFin are poised to veto Deutsche Bank’s new board member Juerg Zeltner, the Financial Times reported on Oct. 9.

Zeltner, a former head of the UBS wealth management unit, is now chief executive officer of KBL European Private Bankers.

Reuters reported on Sept. 6 that Zeltner, who was appointed to Deutsche’s board in August, will represent the interests of Qatar’s royal family - a top shareholder in the German lender. KBL is controlled by the same family.

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