Cerberus vows to work with Commerzbank chair despite concerns – source


© Reuters. FILE PHOTO: Commerzbank AG annual results news conference in Frankfurt

FRANKFURT (Reuters) – Cerberus, seeking to move on from a defeat over the naming of a new chairman at Commerzbank, “acknowledges the reality” and will work with him, a person close to Cerberus said on Tuesday.

Commerzbank (DE:) ignored the concerns of Cerberus, a top investor, on Monday by electing Hans-Joerg Vetter, the retired chief of a German regional bank, as its new chairman.

Cerberus is “looking forward to working with Vetter and the rest of the board to get a good result for Commerzbank”, said the person.

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