ECONOMY

Bank of Cyprus head resigns, citing differences with country’s central bank

Bank of Cyprus chairman Andreas Artemi resigned on Tuesday, citing a breakdown of communication with the country’s cental Bank.

In his resignation letter, Artemi said the Central Bank of Cyprus had appointed an administrator for the lender without consulting with the board.

Artemi also alleged that the central bank had plans for the recapitalization of the Bank of Cyprus ready since January but had not contact the lender.

Bank of Cyprus is to be merged with the “good bank” created from the resolution of Cyprus Popular Bank (Laiki). Its uninsured depositors face losses of up to 40 percent as part of the restructuring process.