Bank of Piraeus (Cyprus) Ltd, in which Lebanon’s Holding M. Sehnaoui SAL acquired an 82 per cent stake, said Shadi Karam, a former vice-president of Merrill Lynch in Monaco and chairman at Lebanon’s BLC Bank, will be the chairman of its new board of directors.
“The new board of directors will support the bank’s ambitious plan, which focuses on the significant development of its activities and the provision of new and competitive products and services, thus enhancing the bank’s position” on the Cypriot market, the bank said in an emailed statement on Friday.
Karam succeeds Constantinos Loizides, who remains on the board as a non-executive member. Maurice Sehnaoui, Bassam Diab, and George Liakopoulos are the three other non-executive board members.
The board also includes three executives, the bank’s CEO George Appios, the chairman of the executive committee Raoul Nehme, and deputy CEO Marios Savvides, the bank said. Socrates Solomides, George Kourris, Andreas Vassiliou, and Maria Dionyssiades are independent board members.
Karam served as CEO in several companies in the textile and apparel and metallurgic industries, at hotels, in real estate development, financial sector in Europe, Gulf countries and Lebanon, Piraeus said. The bank’s new chairman also served as senior economic adviser to Lebanon’s former president Michel Sleiman and senior adviser to the country’s prime minister Tammam Salam.
The appointment of the new board follows a €40m capital increase carried out by the Sehnaoui holding in December.