ECONOMY

Bank of Cyprus rejects chairman’s resignation

Bank of Cyprus on Tuesday rejected the resignation of chairman Andreas Artemis in the wake of the appointment of an administrator to downsize the island’s biggest lender as a condition for an international bailout.

“The board of directors has not accepted the resignations,» a statement carried by the state CNA news agency said.

“In accordance with the articles of association of the company, the resignations will only apply if not withdrawn within one week,» it added.

Artemis tendered his resignation earlier Tuesday along with four other board members in a blow to the government’s efforts to restore a semblance of normality to the island’s banking sector in the face of drastic cuts imposed by international creditors in return for a eurozone bailout.

Artemis complained that the government had failed to inform management in advance of the appointment of an administrator to oversee the bank’s restructuring, news website Stockwatch said.

[AFP]