Tags: Cyprus | bailout | administrator | meltdown

Administrator Appointed to Run Bank of Cyprus

Tuesday, 26 Mar 2013 10:11 AM

A special administrator said he had been appointed to take over the running of Bank of Cyprus, the island's biggest commercial bank, in the aftermath of a painful bailout for the island agreed with international lenders.

Dinos Christofides told Reuters he had been appointed on Monday night by the Central Bank of Cyprus, saying he would oversee "the restructuring of the bank and the absorption of part of Cyprus Popular Bank."

"It means that from now until further notice I will be running the bank," he said. "It could be short term ... or it could be longer."

On Sunday night, Cyprus agreed to fold small deposits of Cyprus Popular Bank, also known as Laiki, into Bank of Cyprus. Laiki will be shuttered under the terms of a 10 billion euro ($13 billion) rescue package agreed on Monday in Brussels with international lenders to avert a financial meltdown on the Mediterranean island.

Earlier on Tuesday, Reuters reported that Bank of Cyprus' chairman Andreas Artemis had submitted his resignation, and that the matter would be considered at a board meeting on Tuesday afternoon.

Christofides said he had spent the day with the central bank's governor and deputy governor and had not yet spoken to the Bank of Cyprus' board or executives.

© 2017 Thomson/Reuters. All rights reserved.

 
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A special administrator said he had been appointed to take over the running of Bank of Cyprus, the island's biggest commercial bank, in the aftermath of a painful bailout for the island.
Cyprus,bailout,administrator,meltdown
210
2013-11-26
Tuesday, 26 Mar 2013 10:11 AM
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