Bank of Cyprus elects new Chairman

Bank of Cyprus Board of Directors has unanimously elected Andreas Artemis as the new Chairman of the Board of Directors replacing Theodoros Aristodemou, who submitted his resignation yesterday for health reasons.

A Bank of Cyprus press release notes that at its meeting today, the Board also unanimously elected Evdokimos Xenophontos as Vice Chairman of the Board of Directors.
"The Board of Directors expresses its warmest thanks to Aristodemou for his valuable longstanding contribution to the Group, which he has served as a board member for 17 years and then as Chairman for the last four years," the release adds.

Furthermore, the Board also accepted the resignation of Manthos Mavrommatis and "expresses its warmest thanks for his valuable contribution to the Group which he has served as a board member for the last seven years."
Bank of Cyprus provoked criticism as it requested state support amounting to 500 million EUR to complete its recapitalization while it had previously announced at an Annual General Meeting that it needed only 200 million to replenish its regulatory capital, depleted following a Greek sovereign debt haircut.

Andreas Artemis

He was born in 1954. He studied Civil Engineering at the Queen Mary and Imperial Colleges of London University and holds a B.Sc. (Engineering) and a M.Sc. degree. He is Chairman of Commercial General Insurance and its associated companies. He is also a member of the Board of Directors of the Cyprus Employers and Industrialists Federation and of the Council of the Cyprus Red Cross Society. He has served for a number of years on the Board of Directors of the Cyprus Telecommunications Authority and since 1996 he is the Honorary Consul General of South Africa in Cyprus. He is a member of the Board of Directors of the Bank of Cyprus Group since March 2000 and Vice-Chairman since May 2005.