Insider Business War over new Hellenic Board posts

War over new Hellenic Board posts

Hellenic Bank’s annual general meeting in May during which the election of new directors is to also take place is expected to redefine the lender’s strategic plan.

The new board’s main task will be the management of the consequences from the absorption of the good portfolio of former Cyprus Cooperative Bank and the bigger balance sheet that Hellenic now has.

The up until recent board balance between Third Point and Wargaming has radically changed. The American hedge fund has ceased to have a high percentage, while Wargaming is flanked by new shareholders who will want to play a role.

Hellenic Bank’s Board of Directors now consists of 13 directors, two of whom are executive directors. Based on the bank’s constitution, the minimum number of directors is seven and maximum is thirteen.

Chairman of the board is Youssef Nasr, who was elected Member and then Chairman on July 11, 2018. Vice chairman is Marinos Giannopoulos who was elected Member of the board on May 28, 2014 and Vice Chairman on July 17, 2014.

The two executive directors are the Group’s Chief Executive Officer Yiannis Matsis and Lars Kramer, Chief Financial Officer. Non-executive members are Marianna Pantelidou, Irena Georgiadou, David Bonanno, Stephen John Albutt, Andrew Wynn, Dimitris Efthimiou, Christodoulos Hadjistavris, Evripides Polycarpou and Andreas Christofides.

Under supervisory regulations, at least 50% of the members of a banking institution should be independent. The new bank’s shareholding structure is made up of five major ones – three incumbent and two new ones.

Wargaming Group Ltd is the leader with 20.61% of the share capital. Demetra Investments follows with 18.42%, then Poppy Sarl with 17.30%, Third Point Hellenic Recovery Fund LP with 12.59% and 7Q Financial Services Ltd – a Cypriot investment fund – with 9.99%.

Read more:

https://in-cyprus.com/hellenic-main-shareholders-after-share-capital-increase-announced/

 

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