August 12, 2019 / 12:19 PM / 7 days ago

Former UBS banker to represent Qatar on Deutsche supervisory board: sources

FILE PHOTO: Juerg Zeltner, President of UBS Wealth Management, gestures during an interview with Reuters at the Reuters Global Wealth Management Summit, Park Hyatt hotel, Zurich Switzerland, June 13, 2016. REUTERS/Arnd Wiegmann

FRANKFURT (Reuters) - Juerg Zeltner, a former UBS (UBSG.S) manager, is set to become a member of Deutsche Bank’s (DBKGn.DE) supervisory board, two people with knowledge of the matter said on Monday.

In his new role, he will represent the interests of Qatar’s royal family - a top shareholder of the German lender -, the sources said.

Zeltner, a former head of UBS Wealth Management, was named earlier this year as the chief executive officer of KBL European Private Bankers (KBL epb), which is controlled by the Al-Thani family of Qatar.

The family also owns 6.1% of Deutsche and is among Deutsche’s largest shareholders.

Zeltner is expected to replace Richard Meddings, who is leaving the board.

Qatar’s previous pick for the supervisory board, Stefan Simon, recently moved to Deutsche Bank management.

Bloomberg first reported the news.

Reporting by Patricia Uhlig in Frankfurt and Angelika Gruber in Zurich; Writing by Tom Sims; Editing by Michelle Martin

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