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By Peter Stevenson MEMBERS of Volunteer Doctors Cyprus have treated around 350 people at their free clinic in Nicosia since it opened three months ago, while two more, one in Paphos and one in Polis are due to open today. Limassol also has a free clinic, which was opened only last month, and plans have been drawn ...
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SOME 10 days ago, foreign minister Ioannis Kasoulides raised expectations by announcing the possibility of a deal with Turkey for the opening of the fenced off area of Famagusta, for the return of its inhabitants. In exchange the Cyprus government would agree to the opening of Tymbou airport to direct flights. ...
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By George Psyllides PRIVATE auditors have expressed doubt the electricity authority (EAC) could be considered a going concern and have asked its board to draft a credible plan to tackle the problem, according to the auditor-general’s 2012 report on the semi-state company. Among other issues, ...
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Cyprus Internet Directory [ Bank of Cyprus gets a CEO ]

Bank of Cyprus gets a CEO

GREEK banker Christos Sorotos has been appointed interim Chief Executive Officer at Bank of Cyprus, the island’s biggest lender currently under temporary control by the Central Bank (CBC) as part of Cyprus’ bailout.
Sorotos, now based in the UK and with experience in corporate restructurings, takes up his duties today, the CBC said. He had previously worked as a deputy governor at National Bank of Greece, country corporate officer for Citibank in Greece and general manager at Eurobank Greece.
Bank of Cyprus was in March placed in administration, as losses were imposed on uninsured bank deposits exceeding €100,000 to recapitalise the lender, heavily exposed to a Greek government debt write-down.
Depositors were forced to take losses to recapitalise the bank as a condition for Cyprus to receive €10 billion in aid from the International Monetary Fund and the EU.
Some 37.5 per cent of deposits not covered by the deposit guarantee scheme have already been converted into equity.
An additional 22.5 per cent is being held as a buffer for potential conversion depending on the outcome of an independent asset valuation due by July.
Normal operation of the CBC board has also been restored after the government appointed three new members – economists Alexander Michaelides, Michael Spanos and Stelios Kiliaris.
The CBC can now go ahead with the selection of the firm that will carry out the asset valuation.

A restructuring expert has been named as CEO of the Bank of Cyprus


(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.



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