Cyprus Popular Bank announced on Thursday that its non-executive chairman Michalis Sarris has resigned his post.

In a press release the Bank notes “Michalis Sarris has resigned the post of the Non-Executive Chairman and member of the Board of Directors,” without elaborating on the reasons of his resignation.

The Board elected unanimously Andreas Filippou as the new non-executive chairman of the Board. Filippou has served as first Senior Director with the Central Bank of Cyprus for several years.

On his part, Sarris announced that his resignation came after the Governor of the Cyprus Central Bank had orally expressed his wish to see him relinquish his duties, pointing out that this was the view of the government.

The government has partly nationalized Cyprus Popular Bank as it acquired 1.8 billion shares issued by CPB which wrote down 76% of its Greek bond holdings, following a decision for a Greek debt haircut depleting its regulatory capital.

“I assumed the position of the Chairman of CPB early 2012 in difficult times after an invitation by the share holders with the encouragement and the agreement of the regulating authorities,” Sarris said in a press release.

He adds that “recently the CBC governor has orally expressed his wish that I depart from these duties, pointing out that this was the view of the government,” noting that “this is not the time for further comment.”

“As this was the wish of the regulator (the Central Bank) and of the main share holder of the Bank – which as of June 30 is the Republic of Cyprus – then I will certainly comply,” he said, expressing regret “because this development will not permit me to continue to offer my services in a difficult period for the future of us all, which was the sole reason that led me to accept the position of the Bank Chairman.”