Commerzbank rejects Cerberus demands for supervisory board seats

FRANKFURT (Reuters) – Commerzbank , 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.

(Reporting by Tom Sims; Editing by Leslie Adler and Sonya Hepinstall)