Insider Business Hellenic Bank shareholders reach truce

Hellenic Bank shareholders reach truce

Shareholders representing 91% of Hellenic Bank’s capital ratio yesterday cast a vote at an annual general meeting which saw maximum participation and proved the importance of the role of the newly-elected board members.

The election results seem to satisfy all major shareholders who now have sufficient participation at the new board. Specifically, Demetra Investment – which is currently the biggest shareholder and up until yesterday had no representative at the Bank’s board – has managed to elect three of its proposed candidates.

This could also mean that alleged lack of communication and agreement among major shareholders, especially between Demetra Investment and Wargaming, are not necessarily true.

The new board is made up of independent directors Stephen John Albutt, Irena A. Georgiadou, Evripides A. Polycarpou, Andrew Charles Wynn, Christos Themistocleous, Zion Bahloul and Marco Comastri.

The four non-independent directors appointed yesterday are Marios Maratheftis (Demetra Ivestment), David Whalen Bonanno (Third Point), Kristofer Richard Kraus (Pimco) and Marianna Pantelidou Neophytou (Wargaming).

Proposed candidates who failed to be elected are Ioannis Georgoullas, Kyriaki Pilia and Demetris Efstathiou.

Evripides Polycarpou was appointed as new Chairman of the Board, Andrew Charles Wynn as Vice-Chairman and Senior Independent Director is Stephen John Albutt. Four out of the 11 non-executive board members are new.

Marco Comastri and Marios Maratheftis have already been approved by the relevant supervisory authorities since their nomination documents were sent out some time ago. Approval is still pending for Christos Themistocleous and Zion Bahloul.

That’s why Demetris Efstathiou and Andreas Christofides have been appointed as temporary directors – up until approval is granted to the two newly-elected  members. Amendments to the Bank’s constitution were approved prior to the annual general meeting at an extraordinary one which also took place yesterday. These also regulate the terms under which temporary directors are appointed.

As expected, CEO Ioannis Matsis and CFO Lars Kramer were also appointed at the new board as executive members.

Shareholders representing 91% of Hellenic Bank’s capital ratio yesterday cast a vote at an annual general meeting which saw maximum participation and proved the importance of the role of the newly-elected board members.

The election results seem to satisfy all major shareholders who now have sufficient participation at the new board. Specifically, Demetra Investment – which is currently the biggest shareholder and up until yesterday had no representative at the Bank’s board – has managed to elect three of its proposed candidates.

This could also mean that alleged lack of communication and agreement among major shareholders, especially between Demetra Investment and Wargaming, are not necessarily true.

The new board is made up of independent directors Stephen John Albutt, Irena A. Georgiadou, Evripides A. Polycarpou, Andrew Charles Wynn, Christos Themistocleous, Zion Bahloul and Marco Comastri.

The four non-independent directors appointed yesterday are Marios Maratheftis (Demetra Ivestment), David Whalen Bonanno (Third Point), Kristofer Richard Kraus (Pimco) and Marianna Pantelidou Neophytou (Wargaming).

Proposed candidates who failed to be elected are Ioannis Georgoullas, Kyriaki Pilia and Demetris Efstathiou.

Evripides Polycarpou was appointed as new Chairman of the Board, Andrew Charles Wynn as Vice-Chairman and Senior Independent Director is Stephen John Albutt. Four out of the 11 non-executive board members are new.

Marco Comastri and Marios Maratheftis have already been approved by the relevant supervisory authorities since their nomination documents were sent out some time ago. Approval is still pending for Christos Themistocleous and Zion Bahloul.

That’s why Demetris Efstathiou and Andreas Christofides have been appointed as temporary directors – up until approval is granted to the two newly-elected  members. Amendments to the Bank’s constitution were approved prior to the annual general meeting at an extraordinary one which also took place yesterday. These also regulate the terms under which temporary directors are appointed.

As expected, CEO Ioannis Matsis and CFO Lars Kramer were also appointed at the new board as executive members.

Read more:

https://in-cyprus.com/and-they-lived-happily-ever-after/

Top Stories

181 new cases of COVID-19 on Tuesday

The Health Ministry announced 181 new COVID-19 cases on 27 October, out of 3,589 laboratory tests, taking confirmed infections to 3,817. The break-down of new...

President Anastasiades and Turkish Cypriot leader to hold first informal meeting next Tuesday

President of the Republic of Cyprus Nicos Anastasiades and Turkish Cypriot leader Ersin Tatar will hold their first informal meeting on the 3rd of...

FM: Turkey’s actions not conducive to Guterres’ efforts over Cyprus

Cyprus’ Foreign Minister Nikos Christodoulides said on Tuesday that Turkey’s illegal actions undermine peace and stability in the region and are not conducive to...

State Health Services Organization confirms hiring of nurses

The State Health Services Organization confirmed today to the nurses’ trade unions that the decision for the hiring of new nurses to man Hospitals...

200,000 rapid COVID-19 tests ordered

The Health Ministry announced that 200,000 antigen rapid COVID-19 tests have been ordered within the framework of the measures taken to manage the new...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...