Commerzbank rejects Cerberus demands for supervisory board seats By Reuters

Commerzbank rejects Cerberus demands for supervisory board seats By Reuters

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

FRANKFURT (Reuters) – Commerzbank (DE:), under fire for its strategy and leadership, on Friday rejected demands by top investor Cerberus for two seats on the German bank’s supervisory board.

Earlier this week, Cerberus launched a public campaign for change at Germany’s second-biggest bank, demanding the seats and other changes.

“We don’t have any vacancies,” said the letter from Commerzbank’s chairman to Cerberus.

The outright rejection of Cerberus’ No. 1 demand is expected to further embolden the U.S. investor to continue with its push for change.

A spokeswoman for Commerzbank confirmed that it had sent the letter.

Cerberus wasn’t immediately able to comment.

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