Coop bank chair­man steps into CEO’s shoes

Financial Mirror (Cyprus) - - FRONT PAGE -

Ni­cholas Had­jiyian­nis has stepped down as Chair­man of the state-res­cued Co­op­er­a­tive Cen­tral Bank and has taken up the post of the bank’s new CEO af­ter Mar­ios Clerides re­signed on June 22, half-way through his con­tract.

Clerides’ res­ig­na­tion fu­elled ru­mours that he may have been groomed as the next Gover­nor of the Cen­tral Bank of Cyprus, a post not with­out its share of con­tro­versy of late. At the same time, the fact that big­gest len­der Bank of Cyprus had also failed to find a new CEO for John Houri­can who is leav­ing at the end of Au­gust hav­ing or­ches­trated a suc­cess­ful multi-bil­lion re­cap­i­tal­i­sa­tion, has fu­elled fresh ru­mours that Clerides may have been ap­proached for that job.

There had also been talk that the CCB’s chief ex­ec­u­tive may had a fall­ing out with the bank’s board, par­tic­u­larly over han­dling the is­sue of non-per­form­ing pro­ceed to re­cover as­sets or col­lat­eral.

At its meet­ing on July 9, the su­per­vi­sory board of the CCB, that was res­cued last year with a 1.5 bln bailout from ECB funds af­forded to the gov­ern­ment, re­viewed the short list sug­gested by con­sul­tants Egon Zehn­der and opted for Had­jiyian­nis ap­point­ment, which is also a rea­son­able choice see­ing as he had spear­headed the gov­ern­ment’s res­cue plan and em­barked on an am­bi­tious restruc­tur­ing that in­cluded shrink­ing the branch net­work and main­tain­ing only 18 sub­sidiary Coop sav­ings banks.

Deputy board chair­man Pam­bis Christodoulides will step up as act­ing chair­man un­til a new head is ap­pointed to the bank’s board.

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