The Central Bank of Cyprus is expected to inform the Troika (European Commission, European Central Bank, International Monetary Fund) about the newly elected members of the board of the Bank of Cyprus.
CNA has learnt, that the Central Bank will most probably conclude today the assessment of the new members of the Bank of Cyprus (BoC) board, based on the European Banking Authority’s regulations.
Meanwhile, the new board of the BoC, which was elected last night, held today its first meeting.
Priority issues include the appointment of a Managing Director, the participation of the Board members in the various Committees of the Board or the Board of Directors of subsidiaries in Cyprus or abroad.
The General Meeting of the shareholders of the Bank of Cyprus elected yesterday 16 of 46 candidates with 6 Russians to be elected for the first time in the Board of the bank.
Members as announced in alphabetical order are Xanthos Vraxhas, Marinos Gialelis, Marios Giannas, Andreas Giasemidis, Ioannis Zografakis, Marios Kalochoritis Konstantinos Katsaros, Adonis Papaconstantinou, Kristis Chasapis (President), Costas Hadjipapas, Anjelica Anshakova, Dmitry Chichikashvili, Erishkan Kurazov, Igor Lojevsky, Vladimir Strzhalkovskiy and Anton Smetanin.
The shareholding structure of the Bank announced on September 3 is as follows: 81,4% is held by about 21thousand shareholders arising from the conversion of deposits, 0,5% is held by about 88 thousand shareholders arising from the conversion of shares and debt securities issued as of 29 March 2013 and 18,1% is held by the Cyprus Popular Bank Ltd (Laiki Bank) as per the Bank of Cyprus Share Capital Issue for Compensation of Cyprus Popular Bank Public Co Ltd Decree of 2013.
The Bank said that Cyprus Popular Bank Ltd is the only shareholder owning more than 5% of the Bank’s share capital.
Excluded from international markets since May 2011, Cyprus requested and received a €10 billion financial assistance package from the Troika (EC, the ECB, IMF). The package featured a sizeable reduction of the island`s banking sector, as well as bail-in of uninsured deposits, which hampered the services sector, one of the island`s main source of income.
