articles | 12 September 2013

Bank of Cyprus shareholders elect new board

Bank of Cyprus (BoC) shareholders elected a new board on Tuesday, of the 16 new board members six are foreign nationals.

Christis Hasapis, an economics professor at the University of Cyprus and one of the two representatives of the staff provident fund, was chosen by fellow directors as chairman of the new Bank of Cyprus board, with Vladimir Strzhalkovskiy, one of six Russians on the board, as vice chairman.The six foreign nationals represent individuals who lost considerable amounts of money in the forced conversion of 47.5% of deposits exceeding €100,000 in order to recapitalise BoC.

Of the 49 names contesting board seats, the following 16 were elected by shareholders present and proxies late Tuesday night, only one of whom was from the interim board:

Anshakova Anjelica (proposed by Scordis, Papapetrou & Co.);
Chichikashvili Dmitry (Scordis, Papapetrou & Co Holdings);
Gialelis Marinos (Evdokimos Xenophontos);
Hadjipapapas Costas (interim board member);
Hasapis Christis (BOCY Provident Fund);
Kalochoritis Marios (Cetafe Enterprises Ltd);
Katsaros Constantinos (Ay Ioannis Theologos Church C’tee);
Kurazov Erishkan (Christodoulos Vassiliades & Co LLC);
Lojevsky Igor (Yiorgos Tsielepis);
Papaconstantinou Adonis (Panos Panayiotou);
Smetanin Anton (Christodoulos Vassiliades & Co LLC);
Strzhalkovskiy Vladimir (Bolestone Trading Ltd.);
Vrachas Xanthos (Panos Panayiotou);
Yiannas Marios (BOCY Provident Fund);
Yiasemides Andreas (Eastwise Trading Ltd.);
Zografakis Ioannis (Rois Potamitis).

The new board may elect another two members.

Present at the AGM were 3,549 shareholders, either in person or through proxy, representing 53.6% of the bank’s capital. Of his 100 days as Interim CEO, Christos Sorotos said the interim leadership was able to stabilise the bank and deliver it to its shareholders despite those who said BoC would not make it past August. Sorotos stated that BoC was now a new bank that had nothing to do with the past.

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