FRANKFURT, March 16 The German government will
propose Markus Kerber, the head of the BDI industrial
association, for Commerzbank's supervisory board, a
financial industry source said on Saturday, confirming a
The German government has had two seats on the bank's
supervisory board since 2009 because of its 25 percent stake in
the bailed-out lender.
Kerber, 49, will replace Edgar Meister, a former executive
board member of the Bundesbank, who will leave on the grounds of
age at nearly 73, the source said, confirming a report in the
Commerzbank plans to raise 2.5 billion euros ($3.3 billion)
to repay the German government part of the bail-out money it
received during the financial crisis, cutting the government's
stake to less than 20 percent.
The government will retain its two board seats.
($1 = 0.7654 euros)
(Reporting by Alexander Huebner; Writing by Georgina Prodhan;
Editing by Matthew Tostevin)