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Business & Finance

Commerzbank considers Landesbank veteran Vetter for chair

  • A decision on Monday by the board to back Vetter, a former chief executive of Landesbank Baden-Wuerttemberg.
  • That followed a public campaign for change by top investor, the US private equity firm Cerberus, which holds a 5% stake in the bank.
Published July 30, 2020

FRANKFURT: Commerzbank is considering nominating Hans-Joerg Vetter to chair the German lender's supervisory board, Bloomberg reported on Thursday, citing people familiar with the matter.

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.

Commerzbank declined to comment.

The lender was thrust into turmoil earlier this 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 top investor, the US private equity firm Cerberus, which holds a 5% stake in the bank.

A supervisory board committee is due to debate filling the chair on Friday and the wider board is expected to vote at a meeting on Monday, people familiar with the matter have told Reuters.

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