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

https://in-cyprus.com/panicos-nicolaou-is-the-new-ceo-of-the-bank-of-cyprus/

Top Stories

Swimming pools mark start of phase 3 of lockdown exit

  Phase three of the relaxation of restrictions gets underway today with the opening of swimming pools under stringent new hygiene protocols that were published...

Mourners gather in Minneapolis to remember George Floyd

George Floyd's daughter Gianna, 6, arrives with her mother Roxie Washington to attend the funeral of her father.

‘Get your knee off our necks,’ activist Sharpton tells Floyd memorial

  Prominent civil rights activist the Rev. Al Sharpton told mourners on Thursday George Floyd's fatal encounter with police and the nationwide protests his death...

Strict measures against spread of Covid-19 in Cyprus yielded results

    Cyprus took timely and strict measures against the spread of the coronavirus outbreak and these measures bore fruit, Minister of Justice and Public Order...

Fine today, hot long weekend ahead

  Today will be sunny, with temperatures set to rise from tomorrow making for a long weekend with above average temperatures. In its early morning weather...

Taste

Poulles (Υoung kolokassi)

Either you thrash the coriander seeds in a mortar, without making them into dust, or you gradually crush them in a blender. Remove the edges...

Pork cooked in wine

Crush the coriander seeds in a pestle and mortar or pulse-blend in a blender, taking care not to over-grind. Put the meat in bowl (not...

Lefkaritikos tavas – O ‘protinos’

Wash and dry the meat and rice separately. In a ‘tava’ (oven proof deep clay pot) first put a layer of five-six pieces of meat...

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...