A third of Greek bank ex­ec­u­tives will have to go

Kathimerini English - - Front Page -

Greek banks must re­place al­most a third of their board mem­bers by Septem­ber in a bailout-man­dated drive to strengthen cor­po­rate gov­er­nance, bankers with knowl­edge of the mat­ter told Reuters. Greek banks tra­di­tion­ally have busi­ness­men, union lead­ers and in some cases politi­cians on their boards. But un­der its third in­ter­na­tional bailout, Greece agreed to try to “de­politi­cize” links be­tween gov­ern­ment and the banks, boost board-level ex­per­tise and im­prove cor­po­rate gov­er­nance, one banker said. The coun­try’s HFSF bailout fund hired ex­ter­nal con­sul­tants to re­view the boards and they have said that up to 18 direc­tors on the boards of four dif­fer­ent banks must be re­placed. “[Banks] should re­place about 15 to 18 board mem­bers, mainly non-ex­ec­u­tive, sev­eral busi­ness­men and in some cases union [mem­bers],” a se­nior banker with knowl­edge of the is­sue told Reuters with­out pro­vid­ing de­tails. The first banker con­firmed the num­ber. Greece’s big four banks – Na­tional, Pi­raeus, Al­pha and Eurobank – have 58 direc­tors in to­tal. HFSF con­firmed that it had sent the con­sul­tants’ re­port to the cen­tral bank and the banks but did not give de­tails. Un­der the bailout rules, direc­tors must have at least 10 years of bank­ing ex­pe­ri­ence at se­nior man­age­rial level, and have no prom­i­nent po­si­tion in a po­lit­i­cal move­ment or have held a po­si­tion in gov­ern­ment in the last four years. “There will be a few changes in top bankers,” the sen-

Smart Park. REDS, a sub­sidiary of blue chip con­struc­tion group El­lak­tor, is pro­ceed­ing with the ex­pan­sion of its Smart Park com­mer­cial de­vel­op­ment at Spata, near Athens Air­port, adding an­other 18,000 sq.m. in a 23-mil­lion-euro in­vest­ment. In­stead of orig­i­nal plans for a cin­ema mul­ti­plex, the ex­pan­sion will add more stores.

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