articles | 28 October 2015

BoC Chairman Ackermann sees lender's turnaround taking 2-3 yrs

Bank of Cyprus Chairman Josef Ackermann told the New York Times that the turnaround of the bank will take another two to three years.

“We are certainly not there yet,” he told the paper in an interview published on October 26 2015.

Former Deutsche Bank chief Ackermann, who took the helm of Bank of Cyprus just under a year ago, also said he earns a salary of€68,000 and has no options or other ways to profit from the bank’s recovery.

He told the New York Times that the lack of compensation would not bother him if the bank recovers.

“I don’t need charity,” he said. “I made enough money in my life.”

Ackermann said in the interview that ‘redemption’ would be too strong a word to describe why he, once one of the most powerful bankers in the world, agreed to be chairman of the Bank of Cyprus, but added: “If I could give something back to the people or society, I would like to do that.”

Source: InCyprus

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