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Deutsche Bank shareholder won't back second term for chairman: magazine

Published 03/17/2016, 10:11 AM
Updated 03/17/2016, 10:20 AM
© Reuters. Deutsche Bank AG Chairman of the Supervisory Board Paul Achleitner attends the Asian Financial Forum (AFF) in Hong Kong
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FRANKFURT (Reuters) - Deutsche Bank's (DE:DBKGn) second-largest shareholder will not back Chairman Paul Achleitner for a second term because of his lack of success in turning the bank around, a German magazine reported.

"Achleitner will not be part of the future of Deutsche Bank after 2017," Manager Magazin quoted a person close to Sheikh Hamad Bin Jassim Bin Jabor Al-Thani of Qatar as saying.

The investor owns 3 percent of Deutsche Bank's shares following a 2014 capital increase at Germany's flagship lender.

Achleitner took the helm of the supervisory board in 2012 and is serving a five-year term.

Deutsche Bank said it was up to shareholders to decide on the chairman in due course. Al-Thani was not immediately available for comment.

According to Manager Magazin, al-Thani is unhappy Deutsche Bank has not kept a promise to revamp the business quickly, but will still back Achleitner at this year's shareholder meeting in May.

Deutsche Bank shocked markets with a 2015 record loss, after Achleitner brought in John Cryan to replace Chief Executive Anshu Jain from July. It has asked investors for two years of patience to draw a line under mistakes of the past and let a new strategy bear fruit.

© Reuters. Deutsche Bank AG Chairman of the Supervisory Board Paul Achleitner attends the Asian Financial Forum (AFF) in Hong Kong

Other large shareholders have also criticized Achleitner after the bank has seen its share price fall 45 percent over the last year.

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