12/11/2004 13:08
Universal Bank Chairman, Andreas Georgiou submitted his resignation from the Board of Directors of the Bank on Friday, after pressures on behalf of the Bank of Cyprus and the Popular Bank, which hold a stake of 28% and 35% in Universal Life respectively, as a result of the allocation of a loan by the Universal Bank to a relative of Mr. Georgiou.
In his announcement, Mr. Georgiou said that his resignation is attributable to his efforts to safeguard the prestige of Universal Bank. “I would resign by the end of the year in any case due to the European directives for joint ventures of companies from several sectors”.
It is noted that Mr. Georgiou had resigned from his executive duties on Monday. Mr. Georgiou announced his resignation to the staff via a circular.
According to StockWatch sources, if Mr. Georgiou hadn’t resigned, high ranking officials of the Bank of Cyprus and the Popular Bank would meet on Monday to decide on their further steps.
In his announcement, Mr. Georgiou said that his resignation is attributable to his efforts to safeguard the prestige of Universal Bank. “I would resign by the end of the year in any case due to the European directives for joint ventures of companies from several sectors”.
It is noted that Mr. Georgiou had resigned from his executive duties on Monday. Mr. Georgiou announced his resignation to the staff via a circular.
According to StockWatch sources, if Mr. Georgiou hadn’t resigned, high ranking officials of the Bank of Cyprus and the Popular Bank would meet on Monday to decide on their further steps.
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