Finance Minister Vassos Shiarly has proceeded on Thursday to the appointment of Nicos Hadjinicolaou and Panicos Poutziouris to the Board of Directors of the Cyprus Popular Bank.
“Cyprus Popular Bank announces the appointment of two new members to the Board of Directors, Messrs Nicos Hadjinicolaou and Panicos Poutziouris, by the Minister of Finance with the consent of the Central Bank and the Finance Committee of the House of Representatives, in accordance with paragraph 11(1) of the Underwriting of the Rights Issue of the Cyprus Popular Bank Public Co Ltd Decree of 2012” a press release of the Bank issued here today said.
The Bank also announced the appointment of Jacqueline Loizides-Lambert as its new Secretary, in replacement of the outgoing Secretary Stelios Hadjiosif.
The House of Representatives, after a lengthy debate, approved on May 18, 2012, a government bill granting state backing to the recapitalization efforts of the Cyprus Popular Bank, which posted record losses for 2011 due to its heavy exposure to Greek sovereign debt.
On July 2nd, the government announced it has acquired shares totaling 1.79 billion of Cyprus Popular Bank, in an effort to assist its recapitalization.
