Costopoulos leaves Alpha Bank's helm

After decades at the helm of Alpha Bank, one of the country’s biggest, Chairman and Chief Executive Officer Yiannis Costopoulos is leaving his post, with Vassilis Rapanos set to take over as group’s non-executive chairman.

The announcement was made on the occasion of the publication of the lender’s first-quarter financial results, which showed an improvement in terms of operating profits, liquidity and capital adequacy.

And the end of March the group posted losses of 94.1 million euros due to the maintenance of provisions at high levels, while operating profits before provisions amounted to 249.9 million euros, compared with 72.3 million in the first quarter of 2013.

Operating revenues improved 1 percent while operating expenditure declined by 5.7 percent on an annual basis.