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Qatari shareholders raise stake in Deutsche Bank, recommend supervisory board member

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Qatari shareholders raise stake in Deutsche Bank, recommend supervisory board member

Deutsche Bank AGnominated Stefan Simon to become the newest member of its supervisory board followinga recommendation from two Qatari shareholders, Paramount Services Holdings and SupremeUniversal Holdings.

The Qatari firms have each raised their stakes in the Germanlender to just under 5%.

Simon, a partner at law firm Flick Gocke Schaumburg, will standfor election at the bank's annual general meeting on May 18, 2017. Until then, heis to be appointed as a supervisory board member by court order.

"We are pleased that our Qatari shareholders are bankingon the success of Deutsche Bank as shown through their long-term holdings,"supervisory board Chairman Paul Achleitner said.

Paramount Services and Supreme Universal each held a 3.05% stakein the bank as of Aug. 20, 2015. Since then, Deutsche Bank's stock has fallen bymore than 50%, Bloomberg News wrote July 15.

Meanwhile, U.S. attorney Louise Parent will succeed Georg Thomaas chair of the supervisory board's integrity committee. Parent has been performingthe role on an interim basis since April 2016.