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Report: Qatari investment fund insists it supports Deutsche Bank chairman

Qatariinvestment fund Paramount Services Holdings on March 30 dismissed media reportssuggesting that Deutsche BankAG Chairman Paul Achleitner has lost the support of Qatariinvestors, Reuters reported the same day.

FormerQatari Prime Minister Hamad bin Jassim bin Jaber al-Thani owns a 6.1% stake inDeutsche Bank, split evenly between vehicles Paramount Services Holdings andSupreme Universal Holdings, according to the newswire.

Germany'sManager Magazin cited an individualclose to Al-Thani's family as saying that Achleitner's presence at DeutscheBank would not last beyond 2017, Reuters said. The magazine also reported thatAl-Thani was unhappy at the lender's failure to keep a pledge to quickly revampthe business.

"Contraryto reports, Paramount Services Holdings does not believe it would be inshareholders' interests for supervisory board Chairman Paul Achleitner torelinquish his position in 2017, after his current term expires," theinvestment fund reportedly said, adding that Achleitner's leadership remains animportant factor underlying its "investment case and confidence" inthe lender.