Strong back­ing for Ack­er­mann to helm BoC

Kathimerini English - - Focus -

Josef Ack­er­mann used his clout as head of Deutsche Bank AG to help save the euro by ne­go­ti­at­ing the big­gest debt re­struc­tur­ing in his­tory. Now, he’s been tapped to re­sus­ci­tate a vic­tim of that deal. Ack­er­mann, who left Deutsche Bank in 2012, has been nom­i­nated as chair­man of Bank of Cyprus Pcl. De­posits there were seized last year as part of a 10-bil­lion-euro in­ter­na­tional res­cue after Ger­many balked at bail­ing out rich Rus­sians with money in Cypriot banks. Share­hold­ers are sched­uled to meet on Novem­ber 20 in Nicosia, Europe’s last di­vided cap­i­tal, to ap­prove the ap­point­ment. Back­ing him are Vik­tor Vek­sel­berg, the sec­ond-rich­est man in Rus­sia, and Wil­bur Ross, the US bil­lion­aire who made money in­vest­ing in Bank of Ire­land Plc and sees op­por­tu­nity in the stricken Cypriot lender. Almost half of the bank’s loans are sour­ing, and cap­i­tal con­trols, the only such re­stric­tions in the euro area, are still in place. Ack­er­mann, Ross says, is key. “We made up a very small list of names, and the most prom­i­nent on the list was Josef Ack­er­mann,” Ross, head of a group that in­vested 360 mil­lion euros in the coun­try’s largest bank, said in an in­ter­view from New York. “He has a huge Rolodex. You can imag­ine he knows prac­ti­cally every­body in Europe, every­body in East­ern Europe and huge num­bers of peo­ple in the US and else­where.”

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.