InsiderEconomyFifth KEDIPES board member to be appointed soon

Fifth KEDIPES board member to be appointed soon

Accountant Michalis Hadjipantelas is set to be the new board member of KEDIPES, the asset management state company formed to undertake the non-performing loans of the collapsed Co-operative Bank of Cyprus.

Phileleftheros has information that Hadjipantelas will be the fifth member following the recent withdrawal of interest for the post by Doros Ktorides.

KEDIPES today has €7 billion worth of loans under its control.

Apart from the appointment of Hadjipantelas, approval of Sophocles Parapanou’s proposed appointment by the supervisory authorities is still pending.

The board is currently made up of Lambros Papadopoulos, who is the chairman, Marios Hiromerides and Marios Pitsillis.

The next step for KEDIPES is the appointment of a CEO, a process which is now open and it remains to be seen if satisfactory interest will be expressed.

At the same time, developments are also pending as regards the state’s participation in Altamira Asset Management (Cyprus) Ltd.

The state is set to get rid of its 49% stake in compliance with European Commission commitments taken at the time when the member state got approval to support the lender which collapsed a year ago.


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