Deutsche Bank said on Thursday that it was putting forward two new candidates for its supervisory board, including a representative of the asset management company that holds Chinese conglomerate HNA’s stake in the German bank.
Deutsche said that Alexander Schuetz, chief executive of C-Quadrat, the Vienna-based asset manager that manages HNA’s stake, would replace Klaus Ruediger Truetzschler at its annual general meeting, which is scheduled to be held in May. Mr Schuetz will be appointed for an initial 1 year-term, and put forward for a full five-year term next year.
The bank also said that Gerhard Eschelbeck, head of IT security at Google would replace Peter Löscher, the former chief executive of Siemens, who is stepping down at this year’s shareholder meeting.
HNA — whose portfolio of assets ranges from airlines to hotels — disclosed last month that it had a 3.04 per cent stake in Deutsche. The bank announced last week that it would go ahead with an €8bn capital raising in a bid to shore up its balance sheet and lay to rest persistent concerns about its capitalisation.
A spokesman for C-Quadrat said at the time that HNA’s stake in Deutsche was disclosed that it did not rule out a “moderate” increase in the holding, but that HNA had no intention of going above 10 per cent.
Deutsche also said on Thursday that, as previously announced, Stefan Simon, a board member put forward last year by its biggest shareholder, the Qatari royal family, would stand for election. The bank also confirmed that Paul Achleitner would stand for a second term as chairman.