27 May 2014 21:36

Hellenic Bank's annual general meeting takes place in Nicosia on Wednesday amid reports that civil service reform commissioner Irena Georgiadou is tipped to be appointed chairman.
And David Bonnano representing one of the three new main foreign shareholders - US fund Third Point - is rumoured to be vice-chairman.
The new chairman of the island's second bank will replace Andreas Panayiotou, a former minister, whose term was for nine years.
"The new board will have to take very serious decisions that will draft the future path of the bank which almost went bankrupt last year," an insider said on Tuesday.
"Its Russian subsidiary is almost sold and other measures have been taken so that the lender gets on the path of profit-making," added the insider.
Chief Executive Officer of the lender which was the third largest up until March 2013 when the island's banking sector collapsed is former finance minister Makis Keravnos.
After the collapse, Hellenic had been asked to raise €294 million in regulatory capital under the terms of a €10 billion bailout agreement the government signed with international lenders.
In return for the bailout secured in March, international creditors demanded the winding up of what was previously the island's second-largest banker Laiki.
And a "haircut" was imposed on deposits over €100,000 in its largest lender - Bank of Cyprus. Hellenic was not part of the bail-in scheme.
Hellenic got fully recapitalised after an agreement was reached with three new big investors.
The new shareholders are Cypriot company of Belarusian interests Wargaming.net which put in €40 million, Demetra Investments with €20 million and US fund Third Point with €40m.
This meant that 30% of shares went to Wargaming.net, another 30% to Third Point and 15% to Demetra Investments. The Cyprus Church was left with only a 10% representation and ceased to be the bank's main stakeholder.
Today, shareholders will elect the new board of directors and the new body will then choose its chairman.
If Georgiadou does become the new chairman, she will have to step down from the commissioner's position, but reports say the Presidential Palace has already given its approval.
 


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