Bank of Cyprus appoints ex-RBS’s Hourican as CEO

Bank of Cyprus BOC.CY appointed ex-RBS investment head John Hourican as its chief executive officer on Tuesday, the Cypriot lender said.

Irishman Hourican, who was CEO of Royal Bank of Scotland’s investment arm from 2008 until early 2013, will have oversight of extensive restructuring at Bank of Cyprus, caught up in the turmoil of an international bailout on the island in March.

Bank of Cyprus became the first bank in the euro zone to force depositors to give up a chunk of their savings to recapitalise the lender, crippled by its exposure to debt-riddled Greece.

It also assumed some assets of Laiki, a bank wound down under terms of a 10 billion euro bailout deal for Cyprus with the IMF and the EU.

“The board of Bank of Cyprus believes this appointment is a key step in restructuring and developing operations of the bank to benefit shareholders, clients and the economy of Cyprus,» the bank said in a statement.


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