FRANKFURT (Reuters) - Major Commerzbank investor Cerberus will work with the lender's new chairman despite its initial opposition to his appointment, for which it said he was underqualified, a person close to Cerberus said on Tuesday.
The conciliatory tone comes a day after Commerzbank ignored the investor's concerns by electing Hans-Joerg Vetter, the retired chief of a German regional bank, as its new chairman.
Cerberus had said before Vetter's election that it had "serious doubts" about his qualifications.
Tuesday's statement signals that the private equity investor will not pursue obstructionist tactics at its disposal, including use of the legal system, as a way forward.
Commerzbank declined to comment on Cerberus' stance.
A Frankfurt court on Tuesday approved Vetter's appointment, a procedural step that allows him to quickly get to work. The most pressing task is the search for a new chief executive.
Cerberus is "looking forward to working with Vetter and the rest of the board to get a good result for Commerzbank", said the person.
Cerberus is the lender's second-largest shareholder after the government, with a 5% stake.
In June, it launched a campaign to shake up the bank, which it has described as "disastrous".
At the time, it demanded seats on the supervisory board, a request it is expected to pursue further.
(Reporting by Tom Sims and Hans Seidenstuecker; Editing by Sabine Wollrab, Michelle Martin and Jan Harvey)