Chairman of the Supervisory Board covers himself with Commerzbank shares

 Hans-Jörg Vetter, chairman of the supervisory board of the partially nationalized Commerzbank since August, is now also taking risks with private capital. The 68-year-old Vetter bought Commerzbank shares for 209,040 euros on Thursday - the same day that Manfred Knof, the chairman of the Board of Managing Directors who Vetter had engaged, presented his strategy and Commerzbank shares lost 6 percent. According to a mandatory disclosure, Vetter paid 5.23 euros per share.

 

That's a losing deal so far. On Friday, a Commerzbank share cost only 5.10 euros. As chairman of the supervisory board, Vetter receives a basic remuneration of 240,000 euros a year. In this respect, his purchase of shares for a good 209,000 euros is a vote of confidence in Commerzbank. No such share purchases can be remembered from Vetter's predecessors. Before joining Commerzbank, Vetter worked as a consultant and had previously been CEO of the Landesbanken Berlin and Baden-Württemberg for a total of around 15 years.