Cyprus Mail

Co-op bank head resigns

After a short, 18-month stint at the Co-operative Central Bank’s helm, executive head Marios Clerides resigned his post on Monday.

In a written statement, it was announced that “the General Manager of the Co-operative Central Bank Mr Marios Clerides tendered his resignation today.

“We would like to extend our warm thanks to him for his invaluable services to the [co-operative] movement, at a particularly critical juncture for the CCB and the Cypriot economy, and his contribution to the successful course of creation, recapitalisation, and reorganisation the Co-operative credit sector has undergone in the last 1.5 years,” the statement said.

“The Commission of the Co-operative Central Bank is taking all due action to secure Mr Clerides’ smooth replacement,” it added.

Prior to being selected to head the CCB following its 2013 emergency €1.5-billion recapitalisation with taxpayer money, Clerides worked for Hellenic Bank since 1982, leading the departments of Risk Management, Strategic Growth, and Corporate Governance by 2006.

From 2001 to 2006, Clerides was appointed chairman of the Cyprus Securities and Exchange Commission.

In April 2013, he was appointed to the National Economic Council by President Nicos Anastasiades.
Clerides was awarded a PhD in Labour Economics from the London School of Economics and Political Science in 1982.

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