Bank of Cyprus Holdings PLC Notice of Resignation of Group CEO (7178R)
04 Marzo 2019 - 1:13AM
UK Regulatory
TIDMBOCH
RNS Number : 7178R
Bank of Cyprus Holdings PLC
04 March 2019
Announcement
Notice of Resignation of Group Chief Executive Officer
Nicosia, 4 March 2019
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiaries, the "Group") and Bank of
Cyprus Public Company Limited (the "Bank") announce that last
evening its Group Chief Executive Officer, Mr John Patrick
Hourican, informed the Boards of his decision to leave the Group in
September 2019 after serving a notice period of six months. By the
time he leaves, Mr. Hourican will have spent nearly six years as
the Group Chief Executive Officer. Mr. Hourican intends to pursue a
commercial opportunity in the United Kingdom.
The Boards will launch, in line with the Corporate Governance
Code, the process of identifying a suitable candidate to succeed
Mr. Hourican as Chief Executive Officer.
The Chairman and the Boards wish to express their thanks and
deep appreciation to Mr. Hourican for his leadership and
exceptional service to the Bank of Cyprus Group during the most
critical period in its recent history. Mr Hourican has guided the
Bank's restructuring, its recapitalization, a restoration of
confidence, and has been instrumental in developing appropriate
strategies for dealing with the challenge of coping with large
non-performing exposures, shrinking the Bank to strength, and
developing a strong senior executive team that will guide the Bank
in the period ahead.
Dr. Ackermann, Chairman of the Boards, commented:
"I want to express mine and the Boards' sincere thanks to John
for playing such a pivotal role in the Group's repair and for
devoting nearly six years in leading the Bank of Cyprus Group. John
remains committed to leave behind a strong management team and a
Bank in a steadily improving financial shape, with restored
customer confidence. We will continue to work closely with him in
the months ahead, also ensuring a smooth transition to the new
leadership."
In a separate announcement today, the Group announced its
Preliminary Full Year Results for 2018. These results present a
Bank with high levels of capital, significant surplus liquidity and
a clear strategy to complete the de-risking.
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 112 branches in Cyprus. Bank of
Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,146 staff worldwide. At
31 December 2018, the Group's Total Assets amounted to EUR22.1 bn
and Total Equity was EUR2.4 bn. The Bank of Cyprus Group comprises
Bank of Cyprus Holdings Public Limited Company, its subsidiary Bank
of Cyprus Public Company Limited and its subsidiaries.
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END
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