Cyprus Mail

Reform Commissioner tipped for top bank job

If reports are confirmed Irena Georgiadou will be the next chairperson of Hellenic Bank

THE civil service reform commissioner has been tipped to take charge of the board of directors of Hellenic Bank.

Irena Georgiades was appointed reform commissioner in April but reports said yesterday she would be taking over from Andreas Panayiotou as chairperson of Hellenic Bank.

The lender successfully completed its recapitalisation through private funds in November 2013 after three major investors poured in €100 million, taking 75 per cent of the share capital.

Cyprus-based online game developer and publisher Wargaming Net and American hedge fund Third Point got a 30 per cent stake each by putting in €40 million apiece. Cypriot investment company Demetra received 15 per cent with €20 million.

The lender said yesterday it was close to selling its Russian subsidiary.

Hellenic said the transaction, which is subject to the approval of the Central Bank, was in line with the group’s strategy for more efficient management of available resources, planning, and active management of risks.

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