Bank of Cyprus shareholders elected a new board for the Cypriot lender Tuesday night to lead it into its post-resolution era.

About 3,500 shareholders, the bank's former depositors, elected 16 board members out of 49 candidates after a heated marathon meeting. Ten of the board members are Cypriots and six of them Russians or Ukrainians.

Bank of Cyprus was forced to recapitalize using uninsured deposits of over 100,000 euros in return for a 10-billion euro bailout for Cyprus by the Eurogroup and the International Monetary Fund.

Major depositors lost 47.5 percent of their money, which was turned into bank stock, making them the new shareholders.

Bank of Cyprus exited resolution state just a month ago.

Sources familiar with the shareholders meeting said Bank of Cyprus new CEO will be Christis Chasapis with Vladimir Traskofsky, a Russian, as the board vice-president. Endi

Go to Forum >>0 Comment(s)