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Cyprus Economy
Chris Pavlou vice chairman in CPB First Published: 17/09/2012 07:15

Chris Pavlou will be appointed as Vice Chairman of Cyprus Popular Bank.

Former HSBC banker was the top choice of the Central Bank for the management of the group but his appointment seemed to have stuck at the Finance Ministry.

The sick leave of CEO, Christos Stylianides hastened the procedures.

On Friday, the bank announced the temporary transfer of Takis Fedias to Mr. Stylianides position.

At the same time, the presidential palace intervened indicating to the Group’s Chairman, Andreas Filippou the major shareholder’s wish to appoint Mr. Pavlou.

Based on supervisory regulations, the position of Vice Chairman in a bank cannot be executive.

However, Mr. Pavlou will have the audit committee of the bank under his chairmanship, which is considered crucial to the group’s course.