ECONOMY

Greece appoints new deputy CEO at bank rescue fund

Greece appointed on Friday a new deputy chief executive at its bank rescue fund, the vehicle that recapitalized the country’s top banks and is now their major shareholder.

George Koutsos, currently head of investments at the Hellenic Financial Stability Fund (HFSF), will replace Marios Koliopoulos who quit in July, the Finance Ministry said.

Before joining the HFSF in July 2011, Koutsos was head of mergers, acquisitions and capital markets at National Bank, Greece’s biggest lender. He has also worked for BostonConsultingGroup.

Funded with 50 billion euros from the country’s European Union/International Monetary Fund bailout, the HFSF was set up to recapitalize Greece’s main banks and cover the cost of winding down others deemed non-viable.

It has already spent about 40 billion and now owns majority stakes in Greece’s top four lenders – National, Piraeus, Alpha and Eurobank. [Reuters]