The board of directors of the Bank of Cyprus is set to be expanded with new members, pending shareholder approval.

A total of 14 resolutions are to be voted on at the company’s next general meeting on May 12, including the approval of a dividend of €0.48 per ordinary share for the financial year ending December 31, 2024.

Shareholders will be asked to approve the re-election of existing board members as well as the election of two new members, George Syrichas and Andreas Kritiotis.

Their appointments to the board are subject to approval by the European Central Bank.

The board has also recommended the reappointment of the current directors standing for re-election.

A separate resolution will cover the election of Irini Psaltis, whose appointment to the board of directors of the Bank of Cyprus and BOC Holdings was approved by the European Central Bank and shared on Tuesday on the Cyprus Stock Exchange.

The dividend, if approved by shareholders, will be paid on June 25, 2025, to those registered in the member register as of May 27, 2025, with the ex-dividend date set for May 26, 2025.

Shareholders wishing to receive the dividend must hold ordinary shares on the record date.

The company has clarified that without shareholder approval of the dividend resolution, the board will not be able to proceed with any dividend payments.