The Cooperative Central Bank (CCB) board has appointed economist Marios Clerides as general manager, it was announced on Friday.
Clerides has previously served as senior director, risk management and strategy, at Hellenic Bank.
Between 2001 and 2006, Clerides headed the securities and exchange commission.
The island’s co-operative movement is going through the biggest changes in its history after receiving some €1.5 billion in assistance, from
Cyprus’ €10 billion bailout, giving the state a 99 per cent stake.
Under a restructuring scheme, Cyprus’ 93 co-operatives will merge into 18 with some 25 per cent of the 410 branches expected to close.
A voluntary retirement plan will also see around 700 staff out of a total of 3,000, go.