Deutsche Bank AG's regulators are probing whether there is a conflict of interest issue with the lender's new supervisory board member, KBL European Private Bankers SA CEO Jürg Zeltner, Reuters reported, citing two people familiar with the matter.
KBL and Deutsche have overlapping business which has raised concerns around Zeltner's suitability for the job, the report said.
He was appointed to the supervisory board in August and is the main representative of one of Deutsche Bank's biggest shareholders, the Qatari royal family, which also controls KBL.
Deutsche Bank reportedly said that it had submitted all potential conflicts of interest stemming from Zeltner and his relationship to Qatar's royalty to its supervisory board and that the nomination committee had reviewed them and considered them to be "low," according to Reuters.
The German lender is regulated by the European Central Bank and the country's Federal Financial Supervisory Authority, Bafin.
