CYPRUS: Central Bank appoints new Laiki administrator

The Central Bank of Cyprus (CBC), acting as the Resolution Authority, has appointed Kleovoulos Alexandrou as the new special administrator of Cyprus Popular Bank (Laiki Bank), which has been put into resolution since the 2013 Eurogroup decisions on the Cyprus bailout.

 
The appointment of the new special administrator, the third since the failed bank has been put into liquidation, was made after former administrator, Chris Pavlou, did not renew his contract that expired on the last day of December.
According to a press release issued by the CBC, Alexandrou has served under Pavlou in the Special Administrator’s office.
The administrator will undertake the sale of the remaining assets of Laiki bank abroad with the aim of maximising the benefit for its creditors, as well as resolve the issue of the 9% stake Legacy Laiki controls in Bank of Cyprus.