CBC approves Bank of Cyprus board of directors

The Central Bank (CBC) has announced Tuesday that it has approved all the directors elected to the board of the Bank of Cyprus (BoC).

The sixteen members of the Board of Directors in alphabetical order are: Xanthos Vraxhas, Marinos Gialelis, Marios Giannas, Andreas Giasemidis, Ioannis Zografakis, Marios Kalochoritis Konstantinos Katsaros, Adonis Papaconstantinou, Kristis Chasapis, Costas Hadjipapas, Anjelica Anshakova, Dmitry Chichikashvili, Erishkan Kurazov, Igor Lojevsky, Vladimir Strzhalkovskiy and Anton Smetanin.

Central Bank Governor Panicos Demetriades and the CBC came under criticism for delaying the evaluation of the members of the BOC`s who were elected in the Bank`s AGM on September 10.

The Bank of Cyprus, entered a resolution process, following a €10 billion bailout agreed between the Troika (the European Commission, the European Central Bank and the IMF) achieved last March. The bailout featured the conversion of 47.5% of uninsured deposits in Bank of Cyprus in order to cover its capital shortfall. The new BOC board will elect and new CEO and will implement a restructuring plan as stipulated in the memorandum of understanding agreed with the Troika.