You are here

BOCY strengthens its BoD

09/11/2006 12:38
The Bank of Cyprus decided to strengthen its Board of Directors, appointing two new Board Members. They are Messrs. Charilaos Stavrakis, Chief Executive Officer-Cyprus and Deputy Group Chief Executive Officer and Yiannis Kypris, Group Chief General Manager. The proposal for their appointment, which was accepted unanimously by the Board, was made by Chief Executive Director, Andreas Eliades.

Speaking to StockWatch, Mr. Stavrakis said that this decision was anticipated, taking into account the Central Bank’s demand for the presence of more Executive Directors in the Boards of Directors of the banks. “This decision will strengthen the Group in terms of management and contradicts all those who said that there are problems in the relation between the Board of Directors and the Executive Directors”, he noted.

StockWatch tried to contact Mr. Yiannis Kypris but he was unavailable for comment.