Deutsche chief exchanged friendly messages with client ditched over suspicious payments

Deutsche Bank CEO Christian Swing has exchanged friendly WhatsApp messages with a German businessman that the bank has abandoned as a customer after a number of suspicious payments.

Sewing is the latest senior executive with alleged personal ties to Daniel Warrock, a Frankfurt entrepreneur well-connected with close ties to Germany’s political and financial elite.

Wruck is the director of Ice Field Dry Ice Engineering, a specialized company that cleans chemical plants. According to people who know him well, he has family ties with the Saudi royal family. He has also worked as a consultant in a number of transactions involving Deutsche Bank, DWS, Allianz, Commerzbank and Deutsche Bourse.

Deutsche Bank toppled Wruck as a customer in 2019 after alerting Germany’s financial crime watchdog about a number of suspicious money transfers related to the businessman, according to people with direct knowledge on the subject.

Is one of the subjects of an internal investigation at Deutsche Bank examining personal payments in 2017 and 2018 between him and Asuka WahermanSo head of Deutsche’s private client business in Germany, the Financial Times reported last month.

In 2017, Waherman, now CEO of asset manager DWS, transferred 160,000 euros to Wruck, who returned the money almost a year later. Both later said the money was related to a failed attempt to buy a Porsche.

While Deutsche Bank toppled Wruck in 2019, its CEO appears to have maintained a friendly relationship with him, according to WhatsApp messages between the two seen by the FT.

In early September 2019, shortly after Sewing announced that he would spend 15% of his net salary on Deutsche Bank shares, Work sent him a text message regarding Deutsche’s share price: “7.04 Euros… Please keep buying… All the best. Great day, Daniel. “

Sewing sent a message to three laughing emojis in response, adding: “Congratulations from the plane to China. Chancellor trip…” When Warouk told him to enjoy, he responded “yes.”

The German government has confirmed that Sewing was part of Angela Merkel’s official delegation for her trip to China in September 2019 and was aboard the Chancellor’s plane. She declined to comment further.

Wruck later shared screenshots of that conversation with associates in an alleged attempt to demonstrate his close connections with sewing, according to a person who knows the details.

Deutsche Bank declined to comment. “We do not comment on when, how and with whom our executives communicate,” FT was told in a statement. Wruck’s lawyer declined to comment.

Deutsche Bank’s Code of Conduct prohibits electronic communications related to working with customers and business partners in channels it does not monitor. It is currently investigating the use of a private email account by Waherman during negotiations on a joint venture with Wruck and others Auto1 FinTechA start-up initially supported by Deutsche, Allianz, Auto 1 and external investors.

People familiar with the bank’s thinking said that the WhatsApp communication between Sewing and Wruck seen by the FT did not violate the lender’s rules because it was unrelated to business.

Another notable banker with ties to Wruck is Marcus Schenck, head of Perla Weinberg’s office in Munich and former co-head of Deutsche Investment Bank.

Between leaving Deutsche and joining Perla, Schenck borrowed a seven-figure sum of money from Wruck. The money was used as a bridging loan in the purchase of a private property by Shenek and was repaid at interest within one to two months, according to a person familiar with the transaction. Shank refused to comment. A magazine manager, Business Advertising, was the first to report this loan.

Manfred Knopf, the boss of the second largest bank on the German stock exchange, Commerzbank, also managed personal transactions with Wruck.

He rented from Wruck in Frankfurt’s prestigious Westend in 2021, according to people with direct knowledge of details. According to the same people, Knopf has since moved on. Knopf and Commerzbank declined to comment. Süddeutsche Zeitung first reported on the lease agreement.

Deutsche chief exchanged friendly messages with client ditched over suspicious payments Source link Deutsche chief exchanged friendly messages with client ditched over suspicious payments

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