ECONOMY

Bank of Cyprus confirms resignation of CEO as administrator takes over

The Bank of Cyprus confirmed on Friday that its CEO, Yiannis Kypri, was stepping down as an administrator was being appointed to guide the lender through its restructuring process following the country’s bailout agreement.

“The Bank of Cyprus Group announces that, following the appointment of the Special Administrator for the Bank, the Group Chief Executive Officer, Mr. Yiannis Kypri has submitted his resignation from the Group with immediate effect,» said the lender in a statement.

“In 1980, Mr. Kypri joined the Group and in 1982 was appointed Chief Accountant of the Bank. Since then, he has held a number of managerial positions within the Group, and in July 2012 he was appointed as Group Chief Executive Officer. He is a founding member and Chairman of the Bank of Cyprus Cultural Foundation and a Trustee of the Bank of Cyprus Oncology Centre.”