Insider Business Leadership change will not disrupt momentum in addressing remaining challenges, Ackermann says

Leadership change will not disrupt momentum in addressing remaining challenges, Ackermann says

The change in the Bank of Cyprus’ leadership will not affect the momentum in addressing the remaining challenges, as the strategy implemented is the appropriate one and is delivering results, the bank’s outgoing Board Chairman and outgoing CEO have said.

Addressing the Bank of Cyprus’ AGM both Joseph Ackermann and John Patrick Hourican praised the bank’s new CEO, Panicos Nicolaou and the new Board Chairman Takis Arapoglou.

“I would like to reassure all shareholders and the Bank staff that the change in the Bank’s leadership that is under way will not disrupt the momentum of the ongoing reforms to effectively address the remaining and the new challenges facing the Bank,” Ackerman said.

Looking back at the time when he took up his position with the Bank of Cyprus, the island’s largest lender, in November 2014, Ackerman recalled the “deep wounds and dislocations from the dramatic events of March 2013” both for the bank and the Cypriot economy, “we had a dream both about the Bank and about Cyprus,” implementing a three-pillar strategy, focusing on the bank’s activities, repairing the bank and building the bank.

“Four and half years later, I am pleased and proud to report that, while we still have plenty of work to do, the results from the implementation of the  strategy  have  been  impressive  and  have exceeded our initial expectations,” he said.

On his part, Hourican said “the bank has made good, if at times, painful progress in its recovery over the past five years,” noting the bank has much improved asset quality, stronger capital, stronger liquidity, less  branches, better  technology  and a  clear focus on completing the job.

He added that the bank’s balance sheet has shrunk by €9 billion compared to 2013, while non-performing loans declined by €10 billion since the peak of 2014, while carrying €4 billion in excess liquidity.

“We remain committed to finish our balance  sheet de-risking and refocus the business on supporting the growing Cypriot economy. Whilst there remains more to do in rebuilding the value and financial position of this institution, I am confident that we have the right building blocks in place to eventually achieve our goals,” he said, noting a key objective over the coming quarters will  be  to further develop a more efficient business model with a focus on sustaining revenues while at  the same time significantly reducing costs and better managing labour relations.
(Cyprus News Agency)

Read more

Top Stories

244 new cases, out of 11,163 tests announced on Friday

The Health Ministry announced 244 new Coronavirus cases out of 11,163 PCR and rapid antigen tests on Friday, 15 January, taking confirmed infections to...

Where to get antigen rapid tests on Saturday

The Health Ministry announced the following antigen rapid test sites for Saturday, 16 January 2021:   LIMASSOL Tassos Papadopoulos building – TEPAK, Limassol 08:30-16:30 Church Agia Varvara, Zakaki...

President Anastasides to get the second dose of COVID-19 vaccine next Monday

Cyprus President, Nicos Anastasiades, will receive the second dose of the vaccine against COVID-19, next Monday at the Health Center of Latsia, according to...

Expert says milder version of pandemic likely to be present in 2022

Dr Constantinos Tsioutis, Assistant Professor, Internal Medicine & Infection Prevention and Control at the Department of Medicine of the European University Cyprus and head...

Spain’s COVID-19 incidence climbs above 500 cases per 100,000 people

Increased activity at hospitals and health centres near Madrid was seen on Friday (January 15) as Spain's coronavirus incidence as measured over the past...


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...


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...