Christos Sorotos was announced as the new CEO of the Bank of Cyprus by the Central Bank of Cyprus (CBC) this morning.
Sorotos will begin his role as of tomorrow and will work immediately on restructuring the bank. According to the CBC, his main goals will be to reduce operational and labour costs, shrinking the size of the network of branches and staff.
The new CEO has 34 years of experience in banking, including the management of non-performing loans and restructuring operations in Greece, London, the US, Bulgaria, and Romania.
Sorotos was previously the deputy governor of the National Bank of Greece and was responsible for the creation of a ‘bad bank,’ aiding the bank to survive the crisis.