S. Kallis resigns from USB

The Board of Directors of Universal Bank (USB) announced Thursday that it has accepted the resignation, with immediate effect, of Sotiris Kallis from its board, following his appointment to the board of the Hellenic Bank.

Kallis’ nomination during Hellenic’s AGM on Wednesday met with stiff resistance from some of the shareholders who feared he would be representing Laiki Bank’s interests through USB.

Universal Bank saw its chairman Andreas Georgiou ousted from the board last year, on the insistence of Laiki and Bank of Cyprus that control 60% of the bank’s mother company, Universal Life insurance company.

Universal Life was also in the news recently following a takeover bid of the two banks’ stakes by Greek insurer Aspis Pronoia, offering an easy exit for Bank of Cyprus and Laiki that had been stuck with their investment after the share was delisted from the Cyprus Stock Exchange due to insufficient minimum spread requirements among the public shareholders.