Paramount Services

Mar 30, 2016

03/30/2016 | 03:03am US/Eastern (You can enter multiple email addresses separated by commas) Message : *Required fields By Nicolas Parasie DUBAI--Paramount Services Holdings, a Qatari investment vehicle and a key Deutsche Bank shareholder, said Wednesday that it backed the German bank's Chairman Paul Achleitner , dismissing recent reports that claimed it wanted the executive to leave in 2017. The Qatari fund issued a rare statement in response to a German media report that said the bank's chairman had lost the support from its Qatari shareholders and that he won't be at the helm of the bank after 2017. "Paramount Services Holdings does not believe it would be in shareholders' interests for supervisory board chairman Paul Achleitner to relinquish his position in 2017, after his current term expires," it said. Paramount is one of several vehicles through which Qatar has bought into the German bank. It owns 3.05% of Deutsche Bank, while another Qatari fund owns a similar stake in the German lender. "Dr. Achleitner's leadership remains an important factor underlying Paramount Services Holdings' investment case and confidence in Deutsche Bank," it said. Deutsche Bank posted a loss for 2015, its first since the financial crisis, and its shares have fallen sharply in recent months as investors remain concerned about the lender's capital strength and its strategy to weather current market volatility. Write to Nicolas Parasie at nicolas.parasie@wsj.com React to this article Latest news about Paul Achleitner