Russian Deutsche Bank replaced chief Executive officer

Chief Executive officer of Deutsche Bank’s Pavel Teplukhin

Teplukhin resignation from the post of chief Executive officer of Deutsche Bank, told RBC his friend. According to him, Teplukhin will leave office in two months. This information was confirmed by a former employee of the “Troika-Dialogue”, also an investment banker from Western Bank and a source close to the “Deutsche Bank”. The latter explained that Teplukhin works in his office until August 1. “The group he will not leave, as will the Supervisory Board of Deutsche Bank,” he said.

“As far as I know, care Teplukhin is associated with a sharp decline in German business groups in Russia,” says the investment banker. A source close to Deutsche Bank, said that the departure from this position will allow Teplukhina to run their own business and avoid conflict of interest.

According to a friend Teplukhin, together with people from the “Troika” it will register in Cyprus company asset management, through its strategy of investment in Russia, CIS and emerging markets. The company will offer several funds, including bond, he adds. Teplukhin about plans to create funds knows also the investment banker.

RBC expects the response from the press service of Deutsche Bank.

Teplukhin joined Deutsche Bank in October 2012. He is one of the founders of Troika Dialog in 1991; from 1996 till 2010 he headed the criminal code”Troika Dialog”, first as President and then as Chairman of the Board of Directors.

Deutsche Bank is the German group Deutsche Bank AG, a Russian subsidiary was established in 1998. Now Deutsche Bank is among the top-100 Russian banks by assets 73.8 bn In September a press-service Deutsche Bank announced the resignation from the post of Chairman of the Board Joerg Bongartz, he held this post since 2006. “As long planned, he will be assigned to a new position in Frankfurt, which includes a wider range of duties related to the supervision of the Bank’s business in Central and Eastern Europe”, said a press release of the Bank.

In mid-September, Deutsche Bank announced about the optimization of its Russian subsidiary for investment banking services in the framework of the revision of its geographic presence. “This decision was taken in order to simplify processes, minimize costs and risks and the efficient use of capital”, — stated in the official message of the Bank. The source of RBC, close to the head office of the Bank in Frankfurt, said that the Bank will close its core business in Russia — trade of securities, bringing it up to 55% of revenue. According to the interlocutor, this decision is connected with the sanctions and a bad control system in the Moscow office: employees of the latter are suspected of facilitating money laundering, the investigation is in progress.

About the scandal with money-laundering at Deutsche Bank, it became known in the spring of 2015, when several media outlets published information about the Bank initiated an internal investigation in connection with the revealed questionable transactions in derivatives in London. On 30 June, the Bank announced that it “is investigating the circumstances of the transactions with shares committed by some clients of Deutsche Bank in Moscow and London,” and which bore a suspicious character. The Bank also stated that in respect of a number of employees were taken disciplinary measures. According to Bloomberg, it could be a withdrawal of about $6 billion in 2011-2015. Deutsche Bank AG said Western regulators about revealed violations, and also involved the investigation of experts from London and new York. The investigation involving the German, British and us regulators.