A little news has spread and it is a sudden coup shortly before in Qatar, the Qatari people take to the streets of Qatar and the Emir of Qatar, Sheikh Tamim bin Hamad, gives an urgent statement, and we would like to shed light on it. ...
Reuters quoted sources described by Al-Mutala'ah as a state of dissatisfaction among members of the Qatari ruling family, due to what the sources described as the straw that broke the camel's back.
The sources said that the Qatari investors at Deutsche Bank want the resignation of the chairman after his failure to appoint a representative for them in the council, and that representatives of the ruling family in Qatar informed the Deutsche administration and other major investors that Akhleitner (63 years) should announce his departure soon.
Qataris have been dissatisfied for months with Paul Achletner's leadership of Germany's largest bank, amid a prolonged decline in the stock price. According to six sources, including senior shareholders, bankers and others with direct knowledge of the matter, his failure to appoint the Swiss banker Urij Zelstner to the council was the straw that broke the camel's back, according to the agency.
A source familiar with the matter said that two Qatari entities, Paramount Services Holding and Supreme Universal Holding, which are controlled by senior members of the Qatari Al Thani family, hold about ten percent together, making them the largest shareholders in the bank.
He should go where one of the issuers said that Achlettner should leave in the coming months, while a second said he should announce his exit by the next annual general meeting in May at the latest, on his part, Achlitner, whose term expires in 2022, stressed To colleagues he is looking for a successor to him.
One of the issuers said that Achlettner should leave in the coming months, while Thanh said he should announce his exit by the next annual general meeting in May at the latest.
On his part, Achlitner, whose term expires in 2022, assured colleagues that he was looking for a successor
Deutsche Bank and Akhleitner declined to comment, as did Michel Weissulla, CEO of the Delmon Family Office, which oversees Deutsche Bank's investments belonging to members of the Al Thani family.
Ten people spoke of the strained relationship between Akhleitner and the Qataris, but they stipulated that their names not be published due to the sensitivity of the issue.
The advancement efforts where targeting Achletner highlights the deep disappointment at the Austrian banker. Deutsche Bank shares have fallen 70 percent since taking office in 2012.
Conflicts of interests, especially since the two main Qatari investors are the former Prime Minister Sheikh Hamad bin Jassim bin Jabr Al Thani and Sheikh Hamad bin Khalifa Al Thani.
In 2016, when Akhleitner came under pressure regarding Deutsche's performance, Paramount, the investment company of Al Thani, backed him in a rare public statement.
But relations have cooled since then, and at the request of Qatar, Akhletner was nominated in August Tseltner, a former UBS executive, for board membership.
However, the regulators saw the matter as a conflict of interest because Tesliner is the CEO of KBL European Private Bankers, whose business overlaps with that of Deutsche Bank and is controlled by a member of the Qatari ruling family.
Regulators blocked the European Central Bank and the German money market watchdog Pavin from enforcing the appointment this month.
This was an embarrassing stumbling block for Achlettner, who has one of the strongest networks of relationships in the corporate sector within Germany, and is currently a member of the Board of Directors of Bayer, owner of Monsanto, and former chief financial officer of German insurance company Allianz.
Some of the regulatory officials complained in their private conversations that Achleitner had not personally discussed Tesltner's appointment with them before his announcement, a senior official said.
Among the several names that investors trade as potential candidates to replace Achletner is Theodore Weimar, the current CEO of the German Stock Exchange. The German bourse declined to comment, but a source close to Weimar said it was in the process of extending its current three-year contract.
Another name is Nikolaos von Baumhardt, current chairman of the Munich Re and German Post. He also declined to comment