Daily Management Review

Qatari Investors Demand Deutsche Bank’s Chairman’s Resignation


10/30/2019


Without the Qatari investors’ representative in Deutsche Bank’s board, they will not want to have Achleitner in the chairman’s post.



The failure of Deutsche Bank’s chairman to place the lender’s Qatari investors’ representatives in its board didn’t go well with the latter as they have demanded for the former to quit.
 
Paul Achleitner couldn’t place Juerg Zeltner, Swiss banker, in Deutsche Bank’s “supervisory board” which triggered unhappiness amid Qataris while the lender witnessed “prolonged stock slump”, reported sources that include “top shareholders, bankers and others”. The “Paramount Services Holdings and Supreme Universal Holdings”, together own ten percent share of the German lender, which makes them the “largest shareholder” of the bank while both of them are under the control of “Al-Thani ruling family” of Qatar.
 
One said Achleitner needs to “leave in the coming months” and the other demanded his exit by “next year’s annual general meeting in May”, while Achleitner told colleagues that he is “looking for a successor”, although his original term with Deutsche Bank is upto 2022.
 
Achleitner and Deutsche Bank both have refused to give any comments on the matter. Similarly, Michele Faissola, chief executive of Dilmon, “a family office which looks after the Deutsche Bank investments held by members of the Al-Thani ruling family”, also said no to any comments.
 
Reuters, however, received the information on the unrest between “Achleitner and the Qataris” from ten individuals who chose to remain anonymous. This development comes as a “deep frustration” while Deutsche Bank witnessed a seventy percent drop in its share price since 2012.
 
References:
reuters.com







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