Five state-approved officials have been appointed to Popular Bank’s board as the government prepares to take control of the island’s second-largest lender buckling under Greek exposure.
After two days of haggling at the House Finance Committee the five tasked with doing the government’s bidding are; Finance Ministry official Andreas Trokos, state auditor Andreas Zachariades, former banker Spyros Episkopou, former central bank director Andreas Philppou and ex-managing director of Egnatia bank Marios Hadjiyiannakis.
At a later stage three others will be appointed to the board including former Popular Bank top brass Nicos Hadjinicolaou and academic Panicos Poutziouris.
All appointees must publicly disclose their assets.
A compromise deal was reached with MPs after the committee voiced its anger that Popular’s board had not tendered its resignation prior to discussions to find the official appointees who would replace them.
Cyprus Weekly
