Cyprus Mail
Business Cyprus

Kolakides withdraws interest in BoC post

Bank of Cyprus still looking for a leader

MICHALIS Kolakides yesterday withdrew his interest for the CEO position at the Bank of Cyprus because of a disagreement over the duration of the contract, reports said.

Kolakides had been selected by the BoC board on Wednesday but the final say on his appointment belonged to the Central Bank (CBC).

Reports said Kolakides had asked for a medium term contract while the CBC said it could not offer anything beyond the few months it will take until the first general assembly of the lender’s new shareholders.

The CBC could appoint Christos Christou, who was runner-up in the selection process. Christou had formerly worked for the European Bank of Reconstruction and Development.

In March, the Eurogroup decided to resolve Cyprus’ second biggest bank Laiki and transfer part of its assets to BoC while financing BoC’s recapitalisation by taking a chunk of uninsured deposits – over €100,000.

The affected depositors will receive equity in exchange and will decide on the lender’s new leadership after the restructure was complete in a couple of months or so allowing BoC to come out of administration.

So far 37.5 per cent of uninsured deposits in BoC have been converted to equity, whereas an additional 22.5 per cent remains frozen until the conclusion of an independent valuation of the bank’s balance sheet after absorbing the ‘good’ Laiki.

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