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/

 

 

 

Top Stories

Indian woman, 25, involved in Andrei Popa murder, jailed

Larnaca District Court sentenced a 25-year-old Indian woman, resident of Larnaca, involved in the Andrei Popa case to 45 days in prison on Monday. The...

Night clubs request that they reopen with no dance floor and no bar services

The Pancyprian Association of Nightclubs (PA.SY.KE.D.) addresses a last appeal to the Minister of Health, the Minister of Finance and the Deputy Minister of...

Fifteen new coronavirus cases detected out of 2,709 tests

The Ministry of Health has announced that 15 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Households and businesses affected by Medicane Ianos to be compensated

Prime Minister Kyriakos Mitsotakis promised the flood-stricken households and businesses of Karditsa that the government will stand at their side with "speed and determination",...

Workshop on forging synergies between industry and scientific research organised for Industry Week

A workshop was organised on Tuesday, in Nicosia, to discuss ways to forge synergies between industrial production and scientific research sectors, in a bid...

Taste

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...

Meatballs with tomato and cumin

Place all meatball ingredients in a bowl and knead well with hands. Keep the mixture in the fridge for approximately 1 hour to thicken. In...

Crushed wheat pilaf with sausages and halloumi

Ingredients: 1 cup bulgar wheat ¼ of the cup vermicelli noodles or spaghetti, broken into small pieces 1 onion 2 sausages 1 cup tomato juice 1 vegetable stock cube 1/3 ts...