Deutsche Bank share­holder won't back se­cond term for chair­man

The Pak Banker - - FRONT PAGE -

Deutsche Bank's sec­ond­largest share­holder will not back Chair­man Paul Ach­leit­ner for a se­cond term be­cause of his lack of suc­cess in turn­ing the bank around, a Ger­man mag­a­zine re­ported.

"Ach­leit­ner will not be part of the fu­ture of Deutsche Bank af­ter 2017," Man­ager Magazin quoted a per­son close to Sheikh Ha­mad Bin Jas­sim Bin Ja­bor AlThani of Qatar as say­ing. The in­vestor owns 3 per­cent of Deutsche Bank's shares fol­low­ing a 2014 cap­i­tal in­crease at Ger­many's flag­ship len­der. Ach­leit­ner took the helm of the su­per­vi­sory board in 2012 and is serv­ing a five-year term.

Deutsche Bank said it was up to share­hold­ers to de­cide on the chair­man in due course. AlThani was not im­me­di­ately avail­able for com­ment. Ac­cord­ing to Man­ager Magazin, al-Thani is un­happy Deutsche Bank has not kept a prom­ise to re­vamp the busi­ness quickly, but will still back Ach­leit­ner at this year's share­holder meet­ing in May. Deutsche Bank shocked mar­kets with a 2015 record loss, af­ter Ach­leit­ner brought in John Cryan to re­place CEO An­shu Jain from July.

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