Insider Business Battlefield over two seats on Hellenic Bank’s board

Battlefield over two seats on Hellenic Bank’s board

Hellenic Bank’s Annual General Meeting set for August 28 in Nicosia may turn into a battlefield between two candidates of different nationalities.

The ‘battle’ will be between Wargaming’s Belarusian-born co-founder and CEO Victor Kislyi, and one of the three proposed candidates by Demetra Investment, a company of Cypriot interests.

These are Michael Spanos, an economist and former Bank of Cyprus board member, Marios Maratheftis who is a senior analyst at Standard Chartered Bank of England and Marco Comastri, advisor at Primary Private Equity and Microsoft’s former vice president for Middle East and Africa.

Out of a total of 18 candidates, whom Central Bank of Cyprus is now evaluating, five were proposed by Nicosia-headquartered Wargaming – a Belarusian video game company. They are Marianna Pantelidou, Stephen John Albutt, Euripides Polycarpou, Ioannis Georgoulas and Irena Georgiadou.

Pantelidou is an incumbent non-independent board director since she is a Wargaming executive. Albutt is an incumbent board member and he is proposed as an independent non-executive director. Polycarpou is an incumbent board member who is proposed as an independent non-executive director. Georgoulas, who is Cyprus General Manager of The Economist is proposed as an independent non-executive board member. And Georgiadou is an incumbent board member who has also served as Chairman of the Board. She is now proposed as an independent non-executive director.

Third Point, a US-based fund which holds a 12% stake in Hellenic’s capital, has proposed incumbent CEO David Bonanno to be re-elected as a non-executive director, and Kyriaki Pilia as also a non-executive board member.

At the same time, both Ioannis Matsis, Hellenic Bank’s CEO and CFO Lars Kramer, who are incumbent executive board directors, are seeking re-election.

And Pimco Investment Fund is seeking the re-election of Kristofer Richard Kraus as a non-independent director. He was recently appointed as board member after receiving supervisory approval. Pimco also nominated John Charles Crystal, a former banker, as an independent non-executive director.


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