ECONOMY

Ackermann nominated as Bank of Cyprus chairman

Former Deutsche Bank CEO Josef Ackermann has been nominated as chairman of Bank of Cyprus, its US-based investors Wilbur Ross and Tyrus Capital said on Monday.

Ackermann’s nomination will be put to an annual general meeting on November 20, along with a list of nominees for other positions on the bank’s board, including Wilbur Ross and the present Bank of Cyprus vice chairman, Vladimir Strzhalkovsky.

Bank of Cyprus was forced to recapitalize by seizing a large percentage of major clients’ deposits in early 2013 so Cyprus could qualify for a 10-billion-euro international bailout.

Despite that upheaval, the bank managed to raise 1 billion euros in private placements in July.

In a statement, Wilbur Ross and Tyrus Capital said the board appointments would be subject to approval by the Cypriot central bank.

[Reuters]