Bank of Cyprus, the country’s biggest lender, said on Wednesday chairman Theodoros Aristodemou had resigned for health reasons.

Aristodemou, a property developer, said in a letter to the board that “serious health issues” had forced a two-month absence abroad, and it was unclear when he could fully resume his duties.

Cypriot daily Phileleftheros reported on Wednesday that Aristodemou, chairman since 2008, had informed the central bank of his intention during a meeting with regulators on Tuesday.

Bank of Cyprus sought state assistance after its regulatory capital was depleted by a debt restructuring for Greece earlier this year.

Cyprus itself sought a bailout from European Union partners in June to cover both its fiscal requirements and the capital needs of Bank of Cyprus and also Cyprus Popular Bank, the second largest lender. Both were heavily exposed to Greek debt.

Reuters