Insider Business Hellenic Bank’s much-contested Board positions

Hellenic Bank’s much-contested Board positions

The acquisition by Demetra Investments of Hellenic Bank’s shares owned by the European Bank of Restructuring & Development has made it the lender’s largest shareholder.  And it has certainly changed further the balance at a time when behind the scenes activity takes place over the people to be proposed for the Bank’s board of directors.

The Annual General Meeting of the Bank is set for June 26, 2019 and persons wishing to be appointed to the Board are entitled to submit an application up until three days in advance. Indications have Pimco seeking one or two Board seats, while 7Q seems to also want one even though this is not confirmed.

Hellenic’s Board currently has the maximum number of directors. In addition to President Youssef Nasr, Marinos Giannopoulos is the vice-president, and there are also two executive directors – CEO Yiannis Matsis and CFO Lars Kramer.

Non-executive members are Marianna Pantelidou, Irena Georgiadou, David Bonanno, Stephen John Albutt, Andrew Wynn, Demetris Efthymiou, Christodoulos Hadjistavris, Euripides Polycarpou and Andreas Christofides. Based on the corporate governance code, all of them are considered independent with the exception of the two executive directors and Marinos Giannopoulos who has served as interim executive director in the past.

However, according to the independence criteria of the Central Bank of Cyprus’ Rating and Competence of Directors and Directors of Licensed Credit Institutions which differ from those of the Corporate Governance Code, Marianna Pantelidou, Christodoulos Chatzistavris and David Bonanno are not independent. This is because of their professional connection with two of the major shareholders – Wargaming and Third Point.

 

Read more:

https://in-cyprus.com/hellenic-profits-by-co-op-banks-absorption/

 

 

 

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