FRANKFURT, March 16 (Reuters) - 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 newspaper report.
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 Sueddeutsche Zeitung.
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)