Last checked at 28 Sep 2020 07:00
Announcement
Changes in the Board Composition
Nicosia, 28 September 2020
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings" and, together with its subsidiaries, the "Group") announces the departure of Dr Chris Patsalides from the position of First Deputy Chief Executive Officer ("FDCEO") and member of the Boards of BOC Holdings and Bank of Cyprus Public Company Limited (the "Boards"). Dr Patsalides will remain in office until 31 October 2020 in order to ensure smooth transition.
The Boards wish to express their thanks and deep appreciation to Dr. Patsalides for his dedication and exceptional service to the Group during his long career and wish him all the best for the future.
Mr Takis Arapoglou, Chairman of the Boards, commented:
"On behalf of the whole Board I wish to express our sincere thanks and gratitude to Chris for playing such a pivotal role over his 25 year tenure with the Group and more recently in the repair journey, helping the Bank to steadily regain its financial strength, with restored customer confidence."
Furthermore, the Boards decided to appoint Mr Constantine Iordanou as non-executive member of the Boards, and Mrs Eliza Livadiotou, Executive Director Finance, as executive member. Both appointments are subject to approval by the European Central Bank.
Mr Iordanou has been Chairman and Chief Executive Officer (CEO) of Arch Capital Group Limited, (Arch), since August 2003 and Director since January 2002 (retired in September 2019). Before joining Arch as one of its founders in 2002, Mr Iordanou served in various capacities for Zurich Financial Services ("Zurich") and its affiliates, including as Senior Executive Vice President of group operations and business development of Zurich Financial Services, President of Zurich-American Specialties Division, Chief Operating Officer and CEO of Zurich American, and CEO of Zurich North America. Before joining Zurich in March 1992, he was President of the commercial casualty division of the Berkshire Hathaway Group and Senior Vice President of American Home Insurance Company, a member of American International Group. Mr Iordanou currently serves as a director of Verisk Analytics and he is the Vice Chairman of NIPD Genetics. Mr Iordanou holds an Aerospace Engineering degree from New York University.
Mrs Livadiotou is the Executive Director Finance and is responsible for Financial Control, Treasury, Strategy and Corporate Finance, Investor Relations, Procurement and Economic Research. Mrs Livadiotou studied Economics at the University of Cambridge (MA Hons) on a Cambridge Commonwealth Trust scholarship. During 1995-1999, she worked for Arthur Andersen in Cambridge, where she qualified as a Chartered Accountant working in audit and transaction advisory. She joined Bank of Cyprus in 1999 and has served in a number of roles. In December 2013, she was appointed as Chief Financial Officer and in April 2016 as Finance Director.
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 98 branches in Cyprus, of which 14 operate as cash offices. Bank of Cyprus also has representative offices in Russia, Ukraine and China. The Bank of Cyprus Group employs 3,579 staff worldwide. At 30 June 2020, the Group's Total Assets amounted to €21.4 bn and Total Equity was €2.1 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.