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The restructuring of the Bank of Cyprus (BoC) to be concluded before the visit of the troika of international creditors in mid-September is expected to appoint Russian members to the board of the institution which is the island’s largest bank, reports O Phileftheros.
Russians account for 12 to 15 per cent of the bank’s capital (of which 53 per cent is controlled by non-Cypriots), notes the newspaper. At an August 20 meeting with the governor of the Central Bank of Cyprus, representatives of Russian shareholders proposed that two or three Russian directors be appointed to the BoC’s 18-member board.
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