Paramount Services Holdings, the investment fund of the Qatari royal family, issued a statement on Wednesday in support of Deutsche Bank chairman Paul Achleitner.

The statement comes after Germany's manager Magazin quoted a person close to the family of Sheikh Hamad Bin Jassim Bin Jaber al-Thani, who owns a 6.1 per cent stake in Germany's biggest bank, said Achleitner will not be part of the bank beyond 2017.

"Contrary to reports, 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," Paramount said in the statement.

"Dr Achleitner's leadership remains an important factor underlying Paramount Services Holdings' investment case and confidence in Deutsche Bank." – Reuters