Bank of Cyprus renews top brass contracts

The Bank of Cyprus board has decided to renew the employment contracts of its Group CEO, Andreas Eliades, and Group Chief General Manager, Yiannis Kypri, for five more years. The new contracts are effective retrospectively from January 1, 2009 to December 31, 2013. Eliades and Kypri assumed their current positions on January 1, 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.
Group Chairman Theodoros Aristodemou said that the unanimous board decision to renew the contracts denotes its appreciation for the work performed by the top executive management which has led to the good results of the past years and placed the Group on a course of steady growth contributing to its development into a powerful regional banking institution in Cyprus, Greece and South Eastern Europe, effectively shielding it from the international economic crisis.