ECONOMY

Greece’s Eurobank to name new CEO and chairman, sources say

Greek lender Eurobank will name former deputy CEO Nikos Karamouzis to chairman while Fokion Karavias, a general manager, is set to become the new chief executive, two sources familiar with matter told Reuters on Sunday.

The reason behind the change in management was not immediately clear. The decision comes after the deputy prime minister in Greece’s new left-wing government met shareholders on Friday to discuss the bank’s future.

The bank, which is 35 percent owned by Greece’s bank bailout fund and 13.6 percent owned by Canada’s Fairfax, is one of Greece’s four major lenders who have been squeezed by an outflow of deposits in recent weeks as political tensions rose.

[Reuters]