10/11/2004 10:45
Andreas Georgiou decided to keep his post as Chairman of the Board of Directors of Universal Bank, rejecting the demand of the two major shareholders, the Bank of Cyprus and the Popular Bank for a resignation.
Despite the pressures of the Bank of Cyprus and the Popular Bank on Universal Bank, Mr. Georgiou seems inclined to fight for the post of Chairman, even without executive duties. It is noted that Mr. Georgiou submitted his resignation from the post of Executive Chairman on Monday in an effort to settle the crisis, after the demand of the Bank of Cyprus and the Popular Bank for a change in the structure and a better adoption of the corporate governance. The two banks discovered that there has been a provision of £2.9 million from the allocation of an overdraft to an associated company, where former USB Board member, Pavlos Fotiades is now a Board member.
At the meeting held on Tuesday, the Board of Directors of Universal Bank decided to appoint Michalis Kleopas, Iosif Vavlitis, Michalis Michaelides and Socrates Solomides as new executive Board members and adopt the Corporate Governance Code, appointing the Remuneration and Appointment Committees.
“If Mr. Georgiou does not resign today, we will have to hold an Extraordinary General Meeting to decide on his termination”, an official of one of the two major banks stated.
Despite the pressures of the Bank of Cyprus and the Popular Bank on Universal Bank, Mr. Georgiou seems inclined to fight for the post of Chairman, even without executive duties. It is noted that Mr. Georgiou submitted his resignation from the post of Executive Chairman on Monday in an effort to settle the crisis, after the demand of the Bank of Cyprus and the Popular Bank for a change in the structure and a better adoption of the corporate governance. The two banks discovered that there has been a provision of £2.9 million from the allocation of an overdraft to an associated company, where former USB Board member, Pavlos Fotiades is now a Board member.
At the meeting held on Tuesday, the Board of Directors of Universal Bank decided to appoint Michalis Kleopas, Iosif Vavlitis, Michalis Michaelides and Socrates Solomides as new executive Board members and adopt the Corporate Governance Code, appointing the Remuneration and Appointment Committees.
“If Mr. Georgiou does not resign today, we will have to hold an Extraordinary General Meeting to decide on his termination”, an official of one of the two major banks stated.
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