Irish Banker John Patrick Hourican will remain at the helm of the Bank of Cyprus, the island’s largest lender, until the end of 2020.
Reliable sources have told CNA that the Bank of Cyprus Board of Directors extended Hourican’s contract as the Bank’s Chief Executive Officer until the end of 2020. Hourican’s current contract was extended in March 2017 until December 2018.
The announcement about the extension of Hourican’s contract, banking sources told CNA, relates to the outcome of the “project helix”, a tender launched by the bank for the sale of a portfolio of non-performing loans which will determine whether the bank would be required to raise fresh capital or not.
The project concerns the sale of bad loans close to €3 billion, considered as the largest transaction ever concluded in Cyprus.
The extension of Hourican’s contract along with the results of the “helix project” will be announced later today, in view of the bank’s Annual General Meeting.
The bank will also announce today its financial results for the six months which ended on 30 June 2018. The announcement, initially scheduled for August 23, was postponed for today as the bank sought “to finalise the terms and impact on its financial results of a structured solution for part of its non-performing loan book,” the bank said in a press release issued on August 22.