06/12/2011 10:04
Christos Stylianides is the new CEO of Marfin Popular Bank as from today, replacing Efthimios Bouloutas who resigned.
This was officially announced by the bank today, after days of intense internal processes, which are expected to continue in the coming weeks, leading to additional changes in the management team of the Bank.
“Marfin Popular Bank Public Co Ltd announces that Mr Efthimios Bouloutas has resigned from the position of Group Chief Executive Officer and Member of the Board of Directors of the Bank and its subsidiary companies. The Board of Directors would like to thank Mr Bouloutas for the services he offered to the Bank”, the announcement said.
The Board of Directors unanimously elected as Group Chief Executive Officer of the Marfin Popular Bank Public Co Ltd the until now Deputy Chief Executive Officer, Mr Christos Stylianides”, it concluded.
Mr. Stylianides – who was the Deputy CEO for almost five years – is in the Group since 1989, when he worked for Laiki Bank in the UK.
Graduate of LSE and chartered accountant, Mr. Stylianides in the past few years had under his supervision the international activities of the Group in countries such as Russia, Ukraine, Serbia and Romania.
He had also been a Director of Operations of Laiki Group in Greece, before he returns to Cyprus.
Since November 4, when Marfin Chairman, Andreas Vgenopoulos announced his resignation, the developments in the Group are rapid.
The resignation was followed by the resignation of the country manager in Greece, Heracles Kounadis on November 11 and his replacement by the Deputy CEO, Panayiotis Kounnis.
Mr. Bouloutas withdraws from the bank after almost four years in the position of CEO.
“With its decision, the Board of Directors sends to the Group’s staff and the public opinion a message of decisiveness in dealing with the impacts of the financial crisis, a message of confidence and perspective”, newly-appointed Chairman and former General Manager of the Group, Constantinos Mylonas said in a morning message to the staff.
“I'm confident that our staff with the dedication, diligence and collective spirit, will support the new leadership of the Bank, the new CEO, Mr. Stylianidis and Deputy Managing Director, Mr. Kounnis, in implementing the strategy for recovery and further growth for the benefit of the customers, the shareholders, the staff, and the Cyprus economy”, he added.
It is the first time since 2006, when the share composition of Laiki Group changed with the withdrawal of HSBC and the acquisition of part of its share capital by Marfin Financial Group, that the Group’s reins return to Cypriot hands.
Marfin still has via Marfin Investment Group 9% in the share capital of the Bank.
The largest stake is held by Dubai Financial Group with 19%.
The Bank recorded losses of €282 million in the first nine months of 2011 against profits of €83 million last year.
The losses do not include the impairment from the second haircut (PSI+) of the Greek bonds of €3 billion held by Marfin.
Both the second and the third quarter, the Group wrote off €100 million from losses from the impairment of the Greek asses, for which no details have been given.
In the past year, the Bank has lost 13% of its deposit basis mostly due to the outflow of deposits from Greece.
The new CEO will try to regain the fragile identity of the Group, which two years ago had announced the transfer of its headquarters to Greece.
Among its top priorities is to find €2.1 billion in order to cover the core tier 1 of 19% by June 2012.
Part of the additional capital will derive from the conversion of the hybrid capital to core capital via the issue of co co bonds.
The deleveraging with the reduction of its loan portfolio will also contribute to the capital strengthening of the Group.
The bank also tries to find new foreign investors, while it is still unknown what the stance of MIG and Dubai will be in relation to the new capital increase.
If the capital increase is not covered fully, the Group is estimated that it will need state support via the mechanisms prepared by the competent authorities.
This was officially announced by the bank today, after days of intense internal processes, which are expected to continue in the coming weeks, leading to additional changes in the management team of the Bank.
“Marfin Popular Bank Public Co Ltd announces that Mr Efthimios Bouloutas has resigned from the position of Group Chief Executive Officer and Member of the Board of Directors of the Bank and its subsidiary companies. The Board of Directors would like to thank Mr Bouloutas for the services he offered to the Bank”, the announcement said.
The Board of Directors unanimously elected as Group Chief Executive Officer of the Marfin Popular Bank Public Co Ltd the until now Deputy Chief Executive Officer, Mr Christos Stylianides”, it concluded.
Mr. Stylianides – who was the Deputy CEO for almost five years – is in the Group since 1989, when he worked for Laiki Bank in the UK.
Graduate of LSE and chartered accountant, Mr. Stylianides in the past few years had under his supervision the international activities of the Group in countries such as Russia, Ukraine, Serbia and Romania.
He had also been a Director of Operations of Laiki Group in Greece, before he returns to Cyprus.
Since November 4, when Marfin Chairman, Andreas Vgenopoulos announced his resignation, the developments in the Group are rapid.
The resignation was followed by the resignation of the country manager in Greece, Heracles Kounadis on November 11 and his replacement by the Deputy CEO, Panayiotis Kounnis.
Mr. Bouloutas withdraws from the bank after almost four years in the position of CEO.
“With its decision, the Board of Directors sends to the Group’s staff and the public opinion a message of decisiveness in dealing with the impacts of the financial crisis, a message of confidence and perspective”, newly-appointed Chairman and former General Manager of the Group, Constantinos Mylonas said in a morning message to the staff.
“I'm confident that our staff with the dedication, diligence and collective spirit, will support the new leadership of the Bank, the new CEO, Mr. Stylianidis and Deputy Managing Director, Mr. Kounnis, in implementing the strategy for recovery and further growth for the benefit of the customers, the shareholders, the staff, and the Cyprus economy”, he added.
It is the first time since 2006, when the share composition of Laiki Group changed with the withdrawal of HSBC and the acquisition of part of its share capital by Marfin Financial Group, that the Group’s reins return to Cypriot hands.
Marfin still has via Marfin Investment Group 9% in the share capital of the Bank.
The largest stake is held by Dubai Financial Group with 19%.
The Bank recorded losses of €282 million in the first nine months of 2011 against profits of €83 million last year.
The losses do not include the impairment from the second haircut (PSI+) of the Greek bonds of €3 billion held by Marfin.
Both the second and the third quarter, the Group wrote off €100 million from losses from the impairment of the Greek asses, for which no details have been given.
In the past year, the Bank has lost 13% of its deposit basis mostly due to the outflow of deposits from Greece.
The new CEO will try to regain the fragile identity of the Group, which two years ago had announced the transfer of its headquarters to Greece.
Among its top priorities is to find €2.1 billion in order to cover the core tier 1 of 19% by June 2012.
Part of the additional capital will derive from the conversion of the hybrid capital to core capital via the issue of co co bonds.
The deleveraging with the reduction of its loan portfolio will also contribute to the capital strengthening of the Group.
The bank also tries to find new foreign investors, while it is still unknown what the stance of MIG and Dubai will be in relation to the new capital increase.
If the capital increase is not covered fully, the Group is estimated that it will need state support via the mechanisms prepared by the competent authorities.
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