Cyprus Mail

BOC board members to get a hefty pay hike

Josef Ackermann

By Stelios Orphanides

Bank of Cyprus’s chairman Joseph Ackermann, quoted by the New York Times on Oct. 26 as having accepted his job in order to “give back” to the bank crippled by Greece’s 2011 debt restructuring in which he had a major part, may get a strong raise if the lender’s shareholders consent.

The Swiss banker, who led German behemoth Deutsche Bank until three years ago and nets an annual €68,000 for the BoC post, will receive a pay increase of more than 76 per cent if shareholders pass a resolution. The increase will bring his annual pay to €120,000, provided he remains at his position, Bank of Cyprus said.

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