The Bank of Cyprus, the country΄s largest lender that is reeling from deep losses caused by its holdings in Greek bonds that were deeply devauled, has appointed Andreas Artemis as Chairman to succeed businessman Theodoros Aristodemou who resigned earlier in the week, citing “health reasons.” When he stepped down, he refused to discuss the bank’s problems.
The lender also said that Evdokimos Xenophontos had been appointed Vice-Chairman, according to Reuters. Bank of Cyprus (BoC) was one of two Cypriot banks which sought state assistance in June to cover losses from its exposure to Greek bonds.
BoC sought $627.8 million in state assistance after its regulatory capital was depleted by a the debt restructuring for Greece earlier this year, whose government imposed 74 percent losses on banks and investors. Cyprus itself sought a bailout from European Union partners in June to cover both its fiscal requirements and the capital needs of BoC and Popular Bank, the second largest lender, which needed $2.25 billion.
Aristodemou’s resignation followed the departure of CEO Andreas Eliades early in July, who resigned, citing a lack of coordination in dealing with Europe’s banking crisis as his reason. Cypriot media continued to report on problems within BoC, whose executives have responded by refusing to talk to the press.
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