We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 30 Mar 2016 12:16 PM

Font Size

- Aa +

Qatari investor Paramount Services Holdings rallies behind Deutsche Bank chairman

Germany's Manager Magazin quoted a person close to the family of Sheikh Hamad Bin Jassim Bin Jaber al-Thani as saying Achleitner would not be at the bank beyond 2017.

Qatari investor Paramount Services Holdings rallies behind Deutsche Bank chairman
Paul Achleitner, Chairman of the Supervisory Board of the Deutsche Bank. (DANIEL ROLAND/AFP/Getty Images)

Deutsche Bank investor Paramount Services Holdings, a Qatari investment fund, has said it supports the German bank's chairman Paul Achleitner, rejecting reports suggesting the executive has lost backing in Qatar.

The statement comes after Germany's Manager Magazin quoted a person close to the family of Sheikh Hamad Bin Jassim Bin Jaber al-Thani, who owns a 6.1 per cent stake in Germany's biggest bank through vehicles including Paramount, as saying Achleitner would not be at the bank beyond 2017.

Paramount, which owns around 3 percent of the bank, described recent media "speculation" about its holdings in Deutsche as "inaccurate and unrepresentative of its views about the bank and its leadership". Achleitner took the helm of the supervisory board in 2012 and is serving a five-year term.

The bank shocked markets with a 2015 record loss, after Achleitner brought in John Cryan to replace Chief Executive Anshu Jain from July. It has asked investors for two years of patience to draw a line under mistakes of the past and let its new strategy bear fruit.

Al-Thani's stake in Deutsche is split evenly between Paramount and another vehicle, Supreme Universal Holdings.

"Contrary to reports, Paramount Services Holdings does not believe it would be in shareholders' interests for Supervisory Board Chairman Paul Achleitner to relinquish his position in 2017, after his current term expires," Paramount said in the statement.

"Dr Achleitner's leadership remains an important factor underlying Paramount Services Holdings' investment case and confidence in Deutsche Bank."

Manager Magazin had reported al-Thani was unhappy Deutsche had not kept a promise to revamp the business quickly, but would still back Achleitner at this year's shareholder meeting in May. 

Arabian Business: why we're going behind a paywall

For 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.