Cyprus Popular Bank (Laiki) CEO and board tender resignations

The entire executive board of Cyprus Popular Bank (Laiki) resigned on Thursday, as the lender is about to be wound up as part of the overhaul of the country’s financial sector.

Chairman Andreas Filippou and the nine other boards members tendered their resignations shortly before banks were due to reopen in Cyprus.

Laiki is to be shut done, with insured deposits moving to Bank of Cyprus as part of a resolution process.