Insider Business More names rumoured for Hellenic’s new board

More names rumoured for Hellenic’s new board

Hellenic Bank yesterday announced it will hold an extraordinary general meeting of the shareholders on June 26 amidst rumoured power games regarding board directors.

Even though the list of major shareholders of Hellenic Bank has changed, old board directors refuse to resign and set themselves up for re-election. Even though a group of the new shareholders have called on them to do so.

At the same time, Hellenic’s annual general meeting is now set to take place on July 24 and not on June 26, as previously announced.

The five major shareholders of Hellenic are now Demetra Investments with 21%, Wargaming with 20.2%, Popy Sarl (Pimco) with 17.3%, Third Point fund with 12.6% and 7Q Financial Services with 8.9%.

Of the five, only Wargaming and Third Point have a representation at the 13-member board of directors. Even though an old shareholder with an initial stake of 10%, Demetra Investments was never represented at the Board.

Informed sources said Demetra, which is today the biggest shareholder, wants to have up to four seats in the new board, while Pimco eyes one to two seats. Representation is expected to also be contested by 7Q Financial Services.

Phileleftheros also has inside information that shareholders have approached individuals with essential qualifications as well as the status to represent them at the new board.

One of them is reportedly Phidias Pylides who was the top man of PwC in the past and has also served as head of the Cyprus Investments Promotion Agency as well as of the Cyprus Chamber of Commerce and Industry.

Another potential board director is Mike Spanos who was an independent senior director of Bank of Cyprus and a former board member of Central Bank of Cyprus.

Marios Maratheoustis, who works abroad, is also a rumoured candidate, along with Christopher Kraus, executive vice president and portfolio manager at Pimco’s London office.

The list of proposed amendments includes regulation 108 of the Bank’s constitution providing that “at each annual general meeting of the Company all directors (regardless of when such a person was appointed or elected or re-elected as a director of the Company) will have to withdraw from their position and if willing to remain active then they should make themselves eligible for re-election.”

 

Read more:

https://in-cyprus.com/hellenic-banks-much-contested-board-positions/

 

Top Stories

Concern over rise of covid hospital cases to 38, four critical-new infections over 100

  The Health Ministry today announced 113 new COVID-19 cases, out of 3,112 diagnostic tests, taking confirmed infections to 3,930. The health ministry has expressed concern...

Germany to go into circuit-break lockdown as virus cases surge

  Germany will impose an emergency month-long lockdown that includes the closure of restaurants, gyms and theatres to reverse a spike in coronavirus cases that...

1547-Highest ever number of new covid cases in Greece-deaths on the rise

  Greece recorded one thousand five hundred and forty seven new coronavirus  cases over the past 24 hours, the highest ever number since the start...

Huge 8500 euro fine for unmarked tobacco products

  A twenty nine year old was fined 8 and a half thousand euro for unmarked tobacco products that were discovered by police at his...

Ankara provocatively announces Varosha works, as Turkish minister illegally visits

  Turkey's Environment and Urban Planning minister Murat Kurum, illegally visited the fenced off city of Famagusta, accompanied by a delegation, the latest in a...

Taste

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...

Mezedes

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...