Universal Bank to strengthen capital, appoints new Chairman

The Board of Directors of Universal Bank Pcl (USB) having examined possible ways for the strengthening of the Bank’s capital base decided to proceed with the issue of warrants, the terms of which will be determined at a later stage after deliberations with the external consultants of the above issue. The final terms that will be determined by the Board of Directors will be subject to the Central Bank approval.

Universal Bank also announced the appointment of Takis Klerides as the Bank’s Non-Executive Chairman with immediate effect.  He will also be the Chairman of the Nominations Committee, replacing Simeon Matsis who resigned earlier.  Universal Bank also announced the appointment of Chris Pavlou as Chief Independent Director with immediate effect, replacing Mr. Christakis Clerides.