Regulators Reject Qatar-Backed Deutsche Bank Board Member

FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo
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Regulators Reject Qatar-Backed Deutsche Bank Board Member

FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo
FILE PHOTO: The logo of Deutsche bank is seen in Hong Kong, China July 8, 2019. REUTERS/Tyrone Siu/File Photo

In a rare intervention, Deutsche Bank’s regulators are blocking a banker backed by its largest shareholder, Qatar, from a seat on the supervisory board because of a conflict of interest, according to two people with knowledge of the matter.

Deutsche Bank chair Paul Achleitner had announced in August the appointment of former UBS (UBSG.S) manager Juerg Zeltner, praising him as a valuable addition and “a top-level European banker with proven expertise”.

Zeltner was also to represent the interests of Qatar’s royal family - a top shareholder in the German lender. KBL is controlled by the same family.

Deutsche’s regulators - the European Central Bank and financial markets watchdog BaFin - have now determined that Zeltner’s position on Deutsche’s board would be a conflict of interest because he is also the chief executive officer of KBL European Private Bankers (KBL epb), a business that overlaps with Deutsche’s.

“It’s a done deal. It is now only a matter of finding a face-saving way out,” the person said.

Deutsche Bank declined to comment.

The regulators’ move comes as a prosecutor told a London court that three former Barclays (BARC.L) executives lied to the market by hiding 322 million pounds ($395 million) in extra fees that the bank paid Qatar in return for vital funding during the global credit crisis.

The case, one of the most high-profile brought by the UK Serious Fraud Office (SFO), revolves around undisclosed payments to Qatar as Barclays raised more than 11 billion pounds from investors in 2008 to avert a state bailout.



Saudi Ministers: Saudi Arabia Advances Efforts Toward Environmental, Economic Sustainability

Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)
Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)
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Saudi Ministers: Saudi Arabia Advances Efforts Toward Environmental, Economic Sustainability

Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)
Prince Abdulaziz bin Salman, Saudi Minister of Energy (SPA)

Saudi ministers highlighted the Kingdom’s substantial progress in transitioning to renewable energy, addressing critical global environmental challenges such as desertification and land degradation. Speaking at the opening day of the fourth Saudi Green Initiative (SGI) Forum, they emphasized the vital role of the private sector in driving environmental investments.

Held in Riyadh on December 3-4 under the theme ‘By Nature We Lead’, the forum unveiled five new initiatives valued at SAR 225 million ($60 million), underlining Saudi Arabia’s leadership in climate and environmental action. With total investments under SGI reaching SAR 705 billion ($188 billion), the 86 ongoing initiatives are advancing the goals of the Rio Conventions on biodiversity, climate change, and desertification.

In his remarks, Prince Abdulaziz bin Salman, Minister of Energy, called the replacement of one million barrels of oil with gas and renewable energy a significant milestone. He noted the Kingdom’s rapid progress in energy transition, which also generates financial benefits.

Highlighting Vision 2030 achievements, he affirmed ongoing efforts to support the circular economy. He also praised the pivotal role of Saudi youth and women in advancing environmental and climate initiatives, describing women’s empowerment as a source of pride.

For his part, Minister of Investment Khalid Al-Falih emphasized the government’s proactive approach to reducing risks associated with the green transition. He highlighted a growing global trend in funding sustainable energy and circular economy projects.

Stressing the need for billions in investment to achieve sustainable financing, he predicted that Saudi investments would grow more than sevenfold by 2030. He also pointed to increasing global demand for green energy and manufacturing, positioning Saudi Arabia as an ideal hub for exploring these opportunities.

In turn, Bandar Al-Khorayef, Minister of Industry and Mineral Resources outlined the Kingdom’s strategy to integrate national and global priorities through Vision 2030, ensuring a balanced approach that benefits both the public and private sectors. He noted that the private sector cannot bear financial burdens alone and that the government must provide essential infrastructure, regulatory frameworks, and an environment conducive to innovation and new ideas.

Faisal Al-Ibrahim, Minister of Economy and Planning, reaffirmed Saudi Arabia’s ambition to lead in innovation and sustainable solutions for addressing environmental challenges. He told the attendees that climate issues transcend borders, requiring diverse and effective solutions. He also highlighted the Kingdom’s substantial investments in green solutions, calling them essential for sustainable development and environmental preservation.

For his part, Amin Nasser, CEO of Aramco, detailed the company’s contributions to Saudi Arabia’s renewable energy expansion. He projected that the Kingdom’s renewable energy capacity would reach 130 gigawatts by 2030.

Nasser also highlighted Aramco’s initiatives to replace the annual burning of one billion barrels of liquid fuels with natural gas and renewables. By 2030, 60% of Saudi Arabia’s energy capacity is expected to come from gas, with the remaining 40% from renewables.

Nasser emphasized the need for affordable, secure, and sustainable energy solutions. He also praised advancements achieved at the UN Climate Change Conference (COP29), including updates to Article 6 mechanisms and increased financing for developing nations. He pointed that a key outcome was raising funding commitments from $100 billion, established in Copenhagen in 2009, to $300 billion, marking a significant step toward global climate action.