A flurry of behind the scenes consultations are underway at the Bank of Cyprus in view of tomorrow’s meeting with Central Bank Governor Panicos Demetriades to consider the composition of the bank’s new board of directors.
“Bad” Laiki’s 18% is expected to be represented through two or three board members, while its administrator Andri Georgiadou will also participate on the board.
Law and auditing firms that represent mainly Russian and Ukrainian interests which own 12% of BoC shares after the haircut on uninsured deposits, are expected to put forward names for members of the board.
Share-holding provident funds and the Laiki Depositors Association (SYKALA), which has already said it will stake representation on the board, are also expected to come up with names.
Some members of the interim board of directors may seek reappointment, while representatives of certain new shareholders have already warned that the board must be completely overhauled.