Bank of Cyprus Holdings PLC Changes in the Board Composition (2659A)
September 28 2020 - 1:00AM
UK Regulatory
TIDMBOCH
RNS Number : 2659A
Bank of Cyprus Holdings PLC
28 September 2020
Announcement
Changes in the Board Composition
Nicosia, 28 September 2020
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiaries, the "Group") announces the
departure of Dr Chris Patsalides from the position of First Deputy
Chief Executive Officer ("FDCEO") and member of the Boards of BOC
Holdings and Bank of Cyprus Public Company Limited (the "Boards").
Dr Patsalides will remain in office until 31 October 2020 in order
to ensure smooth transition.
The Boards wish to express their thanks and deep appreciation to
Dr. Patsalides for his dedication and exceptional service to the
Group during his long career and wish him all the best for the
future.
Mr Takis Arapoglou, Chairman of the Boards, commented:
"On behalf of the whole Board I wish to express our sincere
thanks and gratitude to Chris for playing such a pivotal role over
his 25 year tenure with the Group and more recently in the repair
journey, helping the Bank to steadily regain its financial
strength, with restored customer confidence."
Furthermore, the Boards decided to appoint Mr Constantine
Iordanou as non-executive member of the Boards, and Mrs Eliza
Livadiotou, Executive Director Finance, as executive member. Both
appointments are subject to approval by the European Central
Bank.
Mr Iordanou has been Chairman and Chief Executive Officer (CEO)
of Arch Capital Group Limited, (Arch), since August 2003 and
Director since January 2002 (retired in September 2019). Before
joining Arch as one of its founders in 2002, Mr Iordanou served in
various capacities for Zurich Financial Services ("Zurich") and its
affiliates, including as Senior Executive Vice President of group
operations and business development of Zurich Financial Services,
President of Zurich-American Specialties Division, Chief Operating
Officer and CEO of Zurich American, and CEO of Zurich North
America. Before joining Zurich in March 1992, he was President of
the commercial casualty division of the Berkshire Hathaway Group
and Senior Vice President of American Home Insurance Company, a
member of American International Group. Mr Iordanou currently
serves as a director of Verisk Analytics and he is the Vice
Chairman of NIPD Genetics. Mr Iordanou holds an Aerospace
Engineering degree from New York University.
Mrs Livadiotou is the Executive Director Finance and is
responsible for Financial Control, Treasury, Strategy and Corporate
Finance, Investor Relations, Procurement and Economic Research. Mrs
Livadiotou studied Economics at the University of Cambridge (MA
Hons) on a Cambridge Commonwealth Trust scholarship. During
1995-1999, she worked for Arthur Andersen in Cambridge, where she
qualified as a Chartered Accountant working in audit and
transaction advisory. She joined Bank of Cyprus in 1999 and has
served in a number of roles. In December 2013, she was appointed as
Chief Financial Officer and in April 2016 as Finance Director.
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 98 branches in Cyprus, of which
14 operate as cash offices. Bank of Cyprus also has representative
offices in Russia, Ukraine and China. The Bank of Cyprus Group
employs 3,579 staff worldwide. At 30 June 2020, the Group's Total
Assets amounted to EUR21.4 bn and Total Equity was EUR2.1 bn. The
Bank of Cyprus Group comprises Bank of Cyprus Holdings Public
Limited Company, its subsidiary Bank of Cyprus Public Company
Limited and its subsidiaries.
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