Deutsche Bank chair­man gets sup­port of in­vestor

The Pak Banker - - COMPANIES/BOSS -

Deutsche Bank AG's Paul Ach­leit­ner has won sup­port to stay on as the firm's su­per­vi­sory board chair­man from one of its big­gest in­vestors, for­mer Qatar Prime Min­is­ter Shaikh Ha­mad Bin Jasem Bin Jabr Al Thani.

Ach­leit­ner, un­der pres­sure af­ter the Frank­furt-based bank's shares lost more than half their value over the past year, should con­tinue in his role, ac­cord­ing to a state­ment Wed­nes­day from Para­mount Ser­vices Hold­ings Ltd, which is con­trolled by Shaikh Ha­mad.

The in­vest­ment ve­hi­cle owns 3.1 per cent of Deutsche Bank stock, sec­ond only to New York-based Black­Rock Inc's 6.2 per cent, ac­cord­ing to data. "Para­mount Ser­vices Hold­ings does not be­lieve it would be in share­hold­ers' in­ter­ests for Su­per­vi­sory Board Chair­man Paul Ach­leit­ner to re­lin­quish his po­si­tion in 2017," the in­vest­ment firm said. "Dr. Ach­leit­ner's lead­er­ship re­mains an im­por­tant fac­tor un­der­ly­ing Para­mount Ser­vices Hold­ings' in­vest­ment case and con­fi­dence in Deutsche Bank."

The me­dia re­ported Para­mount's sup­port for Ach­leit­ner ear­lier. A for­mer ex­ec­u­tive with Ger­man in­surer Al­lianz SE who pre­vi­ously headed Gold­man Sachs Group Inc's Ger­man branch, Ach­leit­ner be­came su­per­vi­sory board chair­man of Deutsche Bank in May 2012.

His term with the na­tion's largest in­vest­ment bank ex­pires in 2017. Over the past 12 months, the lender was the worst per­former in the Euro Stoxx 50 Index af­ter Volk­swa­gen AG. Deutsche Bank is elim­i­nat­ing thou­sands of jobs and sell­ing as­sets to bol­ster cap­i­tal buf­fers and profitabil­ity af­ter the com­pany was hit with a se­ries of mis­con­duct fines, many of which orig­i­nated in its fixed-in­come unit.

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