27/05/2015 07:24
The preparatory work for replacing John Hourican in Bank of Cyprus has been completed and the file with the candidates is expected to open on Friday, during the regular meeting of the Board of Directors.
The decision taken last month by the administration of the Bank was to hasten the procedures for replacing the Irish banker, who on April 21 suddenly submitted his resignation citing family reasons.
The CVs of all those who have shown interest for the position of CEO have been examined thoroughly by an international firm that specializes in the appointment of senior managers of banks.
Based on the mandate given to the firm, together with the material for each candidate, there will be an extensive analysis of his/her qualifications, skills, experience and suitability for the position.
Procedurally, the BoD after conducting a brief evaluation of the candidates will refer the file to the nomination committee, which after thoroughly evaluating the data of each candidate together with the views of the international firm, it will prepare a report to the Board which will take the final decision.
Bank of Cyprus aims at accelerating the appointment process of the new CEO, who should have the opportunity to cooperate and be properly informed by the outgoing Irish banker.
The new CEO will be called to implement the ambitious strategy of the new shareholders and to deal with the major challenges of the bank.
The biggest challenge is the non-performing loans that have climbed to 63% of total loans.
The management of the major debtors of the Bank, with which the expected results have not yet been achieved, is another important issue.
The Board of the Bank hopes that the new CEO will have at his disposal the Law on securitization and selling of loans to third parties, which will allow the Bank to issue debt for the repayment of the emergency liquidity that currently burdens its balance sheet.
The Group, which will announce the results for the first quarter of 2015 on Friday, showed significant losses of €261 mn in 2014. It warned that for 2015 Q1 it will enjoy profits due to reduction in provisions.
Last year it showed profits in the first three quarters and ended with losses due to an increase in provisions in the last quarter.
The decision taken last month by the administration of the Bank was to hasten the procedures for replacing the Irish banker, who on April 21 suddenly submitted his resignation citing family reasons.
The CVs of all those who have shown interest for the position of CEO have been examined thoroughly by an international firm that specializes in the appointment of senior managers of banks.
Based on the mandate given to the firm, together with the material for each candidate, there will be an extensive analysis of his/her qualifications, skills, experience and suitability for the position.
Procedurally, the BoD after conducting a brief evaluation of the candidates will refer the file to the nomination committee, which after thoroughly evaluating the data of each candidate together with the views of the international firm, it will prepare a report to the Board which will take the final decision.
Bank of Cyprus aims at accelerating the appointment process of the new CEO, who should have the opportunity to cooperate and be properly informed by the outgoing Irish banker.
The new CEO will be called to implement the ambitious strategy of the new shareholders and to deal with the major challenges of the bank.
The biggest challenge is the non-performing loans that have climbed to 63% of total loans.
The management of the major debtors of the Bank, with which the expected results have not yet been achieved, is another important issue.
The Board of the Bank hopes that the new CEO will have at his disposal the Law on securitization and selling of loans to third parties, which will allow the Bank to issue debt for the repayment of the emergency liquidity that currently burdens its balance sheet.
The Group, which will announce the results for the first quarter of 2015 on Friday, showed significant losses of €261 mn in 2014. It warned that for 2015 Q1 it will enjoy profits due to reduction in provisions.
Last year it showed profits in the first three quarters and ended with losses due to an increase in provisions in the last quarter.
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