Cerberus has "critical doubts" in regards to the candidate for the chair of Commerzbank

© Reuters. FILE PHOTO: A Commerzbank logo is shown in front of the bank's annual press conference in Frankfurt

FRANKFURT (Reuters) – Cerberus, one of the largest investors in the German Commerzbank (DE :), expressed serious concerns about Hans-Jörg Vetter, a candidate for taking over the lender's supervisory board.

Cerberus issued a letter to the bank's board of directors on August 2 ahead of a board meeting on Monday to discuss the role.

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

A spokeswoman for Commerzbank declined to comment.

A decision by the Board of Directors on Monday to support Vetter, a former CEO of Landesbank Baden-Württemberg, would help fill a leadership vacuum at the top of German Bank No. 2.

The lender was in turmoil last month when Chairman Martin Zielke and Chairman Stefan Schmittmann said they would step down to give the bank a fresh start.

This was followed by a public change campaign by a top investor – the US private equity firm Cerberus, which holds a 5% stake in the bank.

"Cerberus has identified at least two candidates who have the qualifications to assume the role of chair and secure the trust of all key stakeholders," said Cerberus without naming them.

"We would like to introduce them," said the investor.

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