articles | 07 April 2015

Chris Pavlou appointed administrator of defunct Laiki Bank

The Central Bank of Cyprus in its capacity as resolution authority, recently appointed Chris Pavlou administrator of the defunct Cyprus Popular Bank, also known as Laiki.

“In addition, the resolution authority announces that it reached a preliminary agreement with the Investment Bank of Greece, a Laiki Bank affiliated unit, to provide financial consultant services on the evaluation and possible sale of Laiki Bank’s assets, aiming at maximising benefits to its creditors,” the CBC said.

Pavlou has been serving as IBG’s chairman since October 2013. He previously served in various positions at Barclays Bank, HSBC and the National Bank of Greece.

Pavlou’s appointment follows the resignation of Andri Antoniades, who quit her job a month ago citing disagreements over the handing of legal claims worth over €5 billion against Laiki’s former strongman Andreas Vgenopoulos, considered responsible for the lender’s failure, and two others, chief executive officer Efthymios Bouloutas, and board member Kyriacos Magiras. Antoniades protested the resolution authority’s decision to relieve the Andreas Neocleous law firm as head of legacy Laiki’s legal team.
She also alleged there was conflict of interest concerning central bank governor Chrystalla Georghadji, as her estranged husband, lawyer Andreas Georghadjis, represented Vgenopoulos at the time. Antoniades’ resignation sparked public controversy about Georgadji and led to the resignation of central bank executive director Stelios Kiliaris and board member Stavros Zenios.

President Nicos Anastasiades initiated legal procedures to remove Georghadji, a year after he appointed her.

Source: Cyprus Mail

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