Qatar’s royal family has increased its stake in German banking group Deutsche Bank to nearly 10% for an undisclosed amount.
The royal firm owned the stake in Deutsche Bank through investment groups Paramount Services Holdings and Supreme Universal Holdings. As of August 2015, the family controlled 6.1% of the bank through these two groups.
The rise in stake now makes the family the biggest shareholder in the German lender ahead of BlackRock which controls about 6% of the lender.
In addition, Deutsche Bank has also appointed lawyer Stefan Simon to replace supervisory board member Georg Thoma, heeding to the advice of the Qatari shareholder.
Simon will stand for election as a member of the supervisory board at the bank’s annual general meeting on 18 May 2017.
Deutsche Bank chairman of the supervisory board Paul Achleitner said: “We are pleased that our Qatari shareholders are banking on the success of Deutsche Bank as shown through their long-term holdings. We welcome Stefan Simon, a highly qualified attorney, to the Supervisory Board. He has a great deal of experience in corporate law, corporate governance and compensation oversight.”
Meanwhile, U.S. attorney Louise Parent will replace Thoma as chair of the supervisory board’s integrity committee. Parent has already executed the role on an interim basis since April 2016.