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Cyprus central bank ousts CEO of troubled Bank of Cyprus

The Chief Executive of the Bank of Cyprus, the country's largest commercial lender, said on Wednesday he had been dismissed by the Central Bank.

It follows the appointment of a special administrator to run the bank, which was saved from collapse this week under a bailout for Cyprus agreed with the so-called "troika" of international lenders - the International Monetary Fund, the European Central Bank and the European Union.

The bank's chairman, Andreas Artemis, submitted his resignation on Tuesday.

CEO Yiannis Kypri said he was summoned to the Central Bank early on Wednesday and asked to submit his resignation.

"The reason I was given was that, based on the resolution decree recently passed by parliament and upon demands of the troika, an administrator had been appointed at the Bank," Kypri said in a written statement.

"Until now I have not received a formal letter from the governor of the Central Bank on the matter," he said.

Kypri, who has spent decades at the bank, took over last year as CEO. A central bank spokeswoman was not available for comment.

[Source: Reuters, Nicosia, 27Mar13]

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small logoThis document has been published on 28Mar13 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.