By Staff writer
Paramount Services Holdings and Supreme Universal Holdings, investment vehicles of Sheikh Hamad Bin Jassim Bin Jaber al-Thani, now each hold just under 5 percent of shares
Qatar's royal family has increased its stake in Deutsche Bank to close to 10 percent, according to the lender.
The German lender said Paramount Services Holdings and Supreme Universal Holdings, investment vehicles of Sheikh Hamad Bin Jassim Bin Jaber al-Thani, now each hold just under 5 percent of shares in Deutsche, up from just over 3 percent in most recent data, which makes Qatar Deutsche Bank's biggest shareholder ahead of Blackrock.
"We are pleased that our Qatari shareholders are banking on the success of Deutsche Bank as shown through their long-term holdings," Deutsche's supervisory board Chairman Paul Achleitner said in a statement.
Deutsche Bank also named lawyer Stefan Simon to succeed supervisory board member Georg Thoma at the suggestion of the Qatari shareholders.
Thoma, at the time head of the supervisory board's integrity committee, had resigned from his post in April, days after a dispute within the board surfaced in German media over what some members viewed as Thoma's over-zealous response to scandals the bank has been embroiled in.
Simon will assume Thoma's seat on the board but will not head the integrity committee. Deutsche Bank said U.S. attorney Louise Parent would take on that role, having already filled it on an interim basis since Thoma's resignation.
Deutsche Bank said that Simon, 46 and a partner at law firm Flick Gocke Schaumburg in Bonn, had been suggested as a board member by shareholdersFor all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
While an increase in stake can be seen to some as a good sign, price is the final arbiter of value. Deutsche Bank CEO John Cryan may have said that the bank is "rock solid" but the price of DB may say something else.