ECONOMY

Bank of Cyprus shareholders choose Josef Ackermann as new chief

Shareholders of bailed-out Cyprus’s biggest bank have elected former Deutsche Bank chief Josef Ackermann as the new chairman.

The vote on Thursday came after the Bank of Cyprus passed a European in-depth review of its finances last month.

The bank had earlier bolstered its capital base by raising 1 billion euros.

US billionaire Wilbur Ross, who led a group of investors in pouring tens of millions into the bank, was elected vice chairman.

Russian Vladimir Strzhalkovsky stays on also as vice chairman.

Bank of Cyprus still faces major hurdles – half of all its loans are soured.

Police kept several dozen angry bondholders who lost money in Cyprus’s multibillion-euro international rescue deal last year from forcing their way into the bank’s headquarters.

[AP]