THE Bank of Cyprus (BoC) announced on Monday the resignation of board member Constantinos Katsaros.
The resignation will become effective upon its acceptance by the board or within seven days from its submission, if not withdrawn.
Around 20 days ago, Central Bank (CBC) Governor Chrystalla Georghadji sent a letter to the BoC board asking all of them to step down and called for a general assembly as soon as possible.
It followed recent change in the bank’s shareholding, after the lender raised €1.0 billion in fresh capital.
The bank’s AGM is scheduled for November 20.
American billionaire investor Wilbur Ross and hedge fund Tyrus Capital, which now control a combined 22 per cent of BoC, teamed have already proposed 10 individuals for the new board.