Arab Today, arab today bank of cyprus ceo to step down after difficult overhaul
Last Updated : GMT 04:43:53
Arab Today, arab today
Arab Today, arab today

Bank of Cyprus CEO to step down after difficult overhaul

Arab Today, arab today

Arab Today, arab today Bank of Cyprus CEO to step down after difficult overhaul

The Bank of Cyprus
Nicosia - AFP

Bank of Cyprus CEO John Patrick Hourican announced Tuesday he will step down in the summer less than two years into a major restructuring of the island's troubled largest lender.

The former Royal Bank of Scotland senior executive -- who joined BoC in October 2013 –- is stepping down for personal reasons but is contractually obliged to stay on for another four months, a BoC statement said.

"Hourican’s decision to leave the bank is a personal one and he intends to return to Ireland to spend more time with his young family.

"He indicated that he is not leaving to take up another role elsewhere," it added.

Hourican's resignation comes two months after a bank service car was torched outside his Nicosia home.

Police said they regarded the motive as "malicious" but have made no arrests.

BoC customers suffered a 47.5 percent haircut on deposits above 100,000 euros under the terms of a 10-billion-euro ($13 billion) bailout deal the government reached with international creditors in March 2013.  

It was the first such haircut in the eurozone.

Hundreds of Cypriots who had invested in bank bonds were also left out of pocket.

BoC has since undergone major restructuring under Hourican's management, which has included a 1 billion euro recapitalisation and the sale of overseas assets.

The bank has also absorbed the good assets of the former Laiki Bank, the island's second lender which was forced to close.

The bank said "a successor to Mr. Hourican will be announced in due course" but there is no obvious frontrunner.

In a statement to staff, Mr Hourican said: "I have been very proud to be part of the Bank of Cyprus family during this period and to have led this chapter in the Bank’s rehabilitation.

"It has been an honour to work with so many talented people and to play my part in laying the foundations for a better bank to serve the Cypriot economy into the future."

BoC said that before he departs Hourican will have spent nearly two years leading the bank during an "extraordinarily difficult chapter in its history".

"Today the bank is much better positioned to serve its customers, to offer opportunity to its employees and to create returns for its shareholders. The bank has a clear strategy."

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of cyprus ceo to step down after difficult overhaul Arab Today, arab today bank of cyprus ceo to step down after difficult overhaul

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank of cyprus ceo to step down after difficult overhaul Arab Today, arab today bank of cyprus ceo to step down after difficult overhaul

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday