Bank of Cyprus Holdings PLC Announcement - Marios Kalochoritis (3462J)
28 June 2017 - 2:18AM
UK Regulatory
TIDMBOCH
RNS Number : 3462J
Bank of Cyprus Holdings PLC
27 June 2017
Announcement
Nicosia, 27 June 2017
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and together with its subsidiaries, the "Group") is pleased to
announce that it has appointed Mr Marios Kalochoritis as a Senior
Advisor to the Group Chief Executive Officer. In his role as Senior
Advisor, Mr Kalochoritis will oversee and help manage certain of
the assets and exposures that were acquired by Bank of Cyprus
Public Company Limited (the "Bank") during the recent economic
turmoil. In that capacity, he will join the boards of a number of
companies in which the Bank has significant economic interests. He
will represent and advise the Bank in managing the value of these
investments.
Mr Kalochoritis has been a member of the Boards of Directors of
BOC Holdings since the end of 2016 and of the Bank since 2013 (the
"Boards"). During this time, he has played an important role in
steering the Bank back to safety during this very turbulent time.
In his new role, Mr Kalochoritis will draw on his own experience as
a successful banker, manager and businessman, as well as the
valuable insight into the Group that he has acquired while serving
on the Boards. Mr Kalochoritis stressed his excitement in taking up
this new role and becoming an active partner for the Bank in
managing its exposures to protect and create value.
With this change in his role, and in line with good governance,
Mr Kalochoritis will step down from the Boards, as well as from the
relevant Risk Committee (RC) and Human Resources and Remuneration
Committee (HRRC) as of today in order to focus on his new
responsibilities. The members of the Board of BOC Holdings wish to
acknowledge the tremendous commitment Mr Kalochoritis has shown to
the Group during his time as Director. The members of the Board of
BOC Holdings thank him for his invaluable contribution to the
turnaround delivered at the Bank this far and look forward to the
contributions he will make in his new role.
It has been further decided to appoint Mrs Anat Bar-Gera to the
HRRC to replace Mr Kalochoritis. Mrs Bar-Gera's appointment will
become effective upon her approval as member of the Board of
Directors of the Bank by the European Central Bank (ECB). In view
of the above, the composition of the RC and the HRRC is adjusted as
follows:
Risk Committee (RC)
Arne Berggren (Chairman)
Maksim Goldman
Yiannis Zographakis
James Lockhart (subject to ECB approval)
Human Resources & Remuneration Committee (HRRC)
Michael Spanos (Chairman)
Michael Heger
Anat Bar-Gera (subject to ECB approval)
For further information please contact Investor Relations at
investors@bankofcyprus.com.
Bank of Cyprus Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 126 branches, of which 121
operate in Cyprus, 1 in Romania and 4 in the United Kingdom. Bank
of Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,302 staff worldwide. At
31 March 2017, the Group's Total Assets amounted to EUR22.5 bn and
Total Equity was EUR3.1 bn. The Bank of Cyprus Group comprises Bank
of Cyprus Holdings Public Limited Company, its subsidiary Bank of
Cyprus Public Company Limited and its subsidiaries.
Forward Looking Statements
This document contains certain forward-looking statements which
can usually be identified by terms used such as "expect", "should
be", "will be" and similar expressions or variations thereof. These
forward-looking statements include, but are not limited to,
statements relating to the Group's intentions, beliefs or current
expectations and projections about the Group's future results of
operations, financial condition, liquidity, performance, prospects,
anticipated growth, provisions, impairments, strategies and
opportunities. By their nature, forward-looking statements involve
risk and uncertainty because they relate to events, and depend upon
circumstances, that will or may occur in the future. Factors that
could cause actual business, strategy and/or results to differ
materially from the plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements made by the
Group include, but are not limited to: general economic and
political conditions in Cyprus and other EU Member States, interest
rate and foreign exchange fluctuations, legislative, fiscal and
regulatory developments and information technology, litigation and
other operational risks. Should any one or more of these or other
factors materialise, or should any underlying assumptions prove to
be incorrect, the actual results or events could differ materially
from those currently being anticipated as reflected in such forward
looking statements. The forward-looking statements made in this
document are only applicable as from the date of publication of
this document. Except as required by any applicable law or
regulation, the Group expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward looking statement contained in this document to reflect any
change in the Group's expectations or any change in events,
conditions or circumstances on which any statement is based.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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