InsiderBusinessReports: BoC's Houricans contract extended to end of 2020

Reports: BoC’s Houricans contract extended to end of 2020

John Patrick Hourican will remain at the helm of the Bank of Cyprus until the end of 2020, the Cyprus News Agency reported on Tuesday.

It said the decision was taken by the board of the island’s biggest bank. Last March, the CEO’s contract was extended to the end of 2018.

The Cyprus News Agency said the announcement was an indication of the results of project Helix — the planned sale of non-performing loans.

It said project Helix was a personal test for the Irish banker that will determine whether BoC will require additional capital.

At stake is the sale of some €3 b in NPLs, which is considered the biggest transaction ever in Cyprus.

According to the news agency, the extension of the contract and the results of project Helix will be announced officially later today in light also of the AGM.

BoC will today also announce the financial results for the second quarter of 2018. These were initially due to be announced on August 23, but were postponed to today because of the finalisation of a structural solution to part of the NPLs portfolio.

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