Cyprus Mail
Business

BoC to elect new board next month

Bank of Cyprus (BoC) said on Thursday its new board will be elected on September 10, during the lender’s annual general meeting.
The names of the candidates for board membership will be announced five days earlier, BoC said in a statement.

To be eligible, candidates must meet the criteria set by the Central Bank of Cyprus  (http://www.centralbank.gov.cy/nqcontent.cfm?a_id=4336), and the guidelines of the European Banking Authority (http://www.eba.europa.eu/regulation-and-policy/internal-governance/guidelines-on-the-assessment-of-the-suitability-of-members-of-the-management-body-and-key-function-holders).

The election of any new members is subject to the approval of the Central Bank of Cyprus.

BoC officially exited administration on July 31, after completing its recapitalisation using depositors’ cash.

It had been in administration since the end of March, after the EU approved a €10 billion bailout for Cyprus on condition that it closed its second biggest bank, Laiki, and use uninsured deposits – over €100,000 – to recapitalise BoC.

Uninsured depositors saw 47.5 per cent of their money seized, receiving equity in return.

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