At their AGM on September 10, the shareholders of the Bank of Cyprus (BoC), which is the island’s largest bank, elected a new board of directors with a high proportion of non-Cypriots.
Politis reports that six Russians and Ukrainians have been appointed to the 16-member board to reflect the high proportion of Russian and Ukrainian BoC customers.
The renewal of the board of directors was one of the conditions in the agreement to clean up and recapitalise the bank, which imposed a levy of 47.5 per cent on deposits of more than €100,000, in the wake of the banking crisis earlier this year.
The newspaper reports that the BoC’s new board will take office once it has been approved by the Central Bank of Cyprus.
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