ECONOMY

BOC director Sarris resigns after chair vote

NICOSIA (Reuters) – Bank of Cyprus board member Michalis Sarris quit yesterday, saying fellow board members had reneged on a pledge to support his bid for chairmanship of the bank. Sarris, a former finance minister, narrowly lost the chairmanship of the Cypriot bank to property developer Theodoros Aristodemou in a board vote on May 14. He said he was persuaded to run for the post by individuals who then voted for the other candidate. «A simple participation on the board would not allow me to exercise the positive and consensual role that I expected and which I had been called to serve,» Sarris said. The bank made no immediate comment on Sarris’s statement. It said the board would examine the issue at a scheduled meeting tomorrow, when the bank is also due to release its first-quarter results.