Bank of Cyprus renews top Management contracts

The Board of Directors of Bank of Cyprus Public Company decided to renew the contracts of employment of Messrs Andreas Eliades, Group Chief Executive Officer and Yiannis Kypri, Group Chief General Manager until 31 December 2013.

The new contracts have a five year duration and are effective as of 1st January 2009. Messrs Eliades and Kypri assumed their current positions on 1st January 2005.
The basic principles relating to the payment of bonus of the new contracts have been amended so as to be aligned with the relevant Directives of the European Union and the Committee of European Banking Supervisors.

The Chairman of the Board of Directors of the Group, Theodoros Aristodemou, stated that the unanimous decision of the Board of Directors to renew the contracts of Messrs Eliades and Kypri denotes its appreciation for the work performed by the Top Executive Management which has led to the good results of the past years. During this period, the successful implementation of the Group’s strategic goals by the Top Executive Management has led the Group on a course of steady growth and has contributed to its development into a powerful regional banking institution in Cyprus, Greece and South Eastern Europe and has effectively shielded it from the international economic crisis.