German lender Commerzbank appointed former state bank executive Hans-Jörg Vetter as its new chairman on 3 August, ignoring opposition from its second-largest shareholder, Cerberus Capital Management.

Vetter’s appointment received the blessing of Commerzbank’s largest shareholder, the German state, according to people familiar with the process, signalling Cerberus will face an uphill battle as it pushes for changes at the embattled German lender.