01 September 2014 13:09

 A change of leadership is seen as imminent at Hellenic Bank, the island’s second largest lender, with the bank saying on Monday morning that CEO Makis Keravmos was leaving after nine years at the helm.
In a written statement, it said the agreement was reached by mutual consent, adding that the board was in the process of seeking a replacement. 
On Sunday the bank has issued a written statement saying it had nothing to announce on the issue. That statement followed speculation in the press that CEO Makis Keravnos had resigned.
“If and when an event takes place, it will communicate it in the appropriate manner as indicated by the supervisory authority”, it added.
But Archbishop Chrystostomos indicated on Sunday that Keravnos was indeed due to leave.
He said that after a long meeting with him on Saturday, Keravnos had said he did not want his contract – which ends in a year -- to be extended.
He clarified that Keravnos had not resigned and said the two new main shareholders , Third Point and Wargaming, would decide on whether Keravnos would stay until his contract expire.
“As you know the majority stake in Hellenic has gone to Third Point and Wargaming who hold 45%”.
He added that Keravnos since did not want his contract renewed it was to be expected that he would leave the bank soon.
In a statement on Monday Keravnos said that the bank was going through restructuring and that he had already taken the decision not to be involved.  "The new leadership must take over in time so that it can be actively involved from the beginning," he said.
Keravnos said the decision had been taken jointly with the board, by mutual consent.


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