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Kypri optimistic for BOCY future

12/07/2012 13:13
The man who was targeted because he stated publicly that the Bank sold the Greek bonds in 2009, now takes over the helm of the largest bank in Cyprus.

Speaking after the Board meeting on the succession of Andreas Eliades, Yiannis Kypri expressed his optimism that Bank of Cyprus will maintain its leading position in the Cypriot banking system.

“Bank of Cyprus will continue to support the Cypriot economy”, he stressed.

The Board of Directors also decided that Mr. Yiannis Pehlivanidis continues in the position of First Deputy Group Chief Executive Officer.

Invited by the Board of Directors to express his view on the succession, Mr. Pechlivanidis reportedly noted that the choice of Mr. Kypri would be best for the Bank.

The 4-hour meeting was in a mild climate and focused on the challenges in the macroeconomic and political environment.

Mr. Kypri, who is at the helm of the Bank since 1980, seems to assume the helm under the same terms as former CEO.

“Taking over the new duties in a critical period for the Group, the Cypriot banking system, the Cyprus economy and Europe, we are fully aware of our responsibilities and the exceptionally difficult task we have to perform”, Mr. Kypri stated.

At the same time, he expressed the belief that the Bank has the best chance to face the challenges of the times.

“We firmly believe that we are well equipped to face challenges and to strengthen the group in order to cope with the difficulties”.

Yiannis Pechlivanides is equally optimistic; he recognized that Greece goes through rough times but said he was optimistic for a way out of the crisis.

Mr. Yiannis Kypri obtained his degree in Economics from the London School of Economics on a scholarship and he is a qualified Chartered Accountant. In 2006 he was appointed as a member of the Board of Directors of the Bank of Cyprus Group and in 2010 as Deputy Group Chief Executive Officer.

In December 2009, he had stated that the bank had sold Greek bonds of €1.8 billion.

Later on, the bank bought back bonds of €2 billion, from which it suffered losses of €1.7 billion in 2011.