Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Cerberus has 'serious doubts' about candidate for Commerzbank chair

Published 2020-08-03, 01:38 a/m
Updated 2020-08-03, 01:42 a/m
© Reuters. FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt

FRANKFURT (Reuters) - Cerberus, one of the largest investors in Germany's Commerzbank (DE:CBKG), said it had grave concerns about Hans-Joerg Vetter, a candidate to take over the chair of the lender's supervisory board.

Cerberus made the comments in a letter to the bank's supervisory board dated Aug. 2 ahead of a Monday meeting of the board to discuss the role.

"We have serious doubts that Hans-Joerg Vetter is the right person for this job or has the right experience for it,"

A spokeswoman for Commerzbank declined to comment.

A decision on Monday by the board to back Vetter, a former chief executive of Landesbank Baden-Wuerttemberg, would go some way toward filling a leadership vacuum at the top of Germany’s No. 2 bank.

The lender was thrust into turmoil last month when Chief Executive Martin Zielke and supervisory board Chairman Stefan Schmittmann said they would step down to give the bank a fresh start.

That followed a public campaign for change by a top investor - the U.S. private equity firm Cerberus, which holds a 5% stake in the bank.

"Cerberus has identified at least two candidates who have the required qualifications to fill the role of chairman and secure the confidence of all key stakeholders," Cerberus said without naming them.

© Reuters. FILE PHOTO: A Commerzbank logo is pictured before the bank's annual news conference in Frankfurt

"We would be happy to introduce them," the investor said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.