All the recent changes at the top tiers of Cyprus’ banks
Marios Roussos 09:20 - 07 August 2023
Our country’s banking sector has been going through a period of reorganisation of its highest tiers, with the last few months characterised by changes in the top rungs of the leading banks’ hierarchy and in particular in the positions of CEOS, and also of the chairmen of the Boards of Directors.
Rouvas in the place of Gatzke at Hellenic Bank
Interest over the last week was monopolised by the sudden and earlier than anticipated parting of ways between Hellenic Bank and the group's former Chief Executive Officer Oliver Gatzke, a development which led to the, until recently Chief Financial Officer of the company, Antonis Rouvas, taking over as interim CEO.
It is worth noting that from the middle of last October until the middle of last December, a period during which Oliver Gatzke was suspended pending the investigation of complaints against him, Petros Arsalides as Interim CEO. Gatzke had returned to his duties on 8 December 2022.
It should be pointed out that reshuffles at Hellenic Bank have also recently occurred with regard to the position of the Chairman of the Board of Directors, which is to be occupied by Petros Christodoulou as independent non-executive chairman as appointed by the Board of Directors and following the necessary approvals by the competent supervisory authorities.
The green light for Christodoulou's participation in Hellenic's Board of Directors, following the decision to appoint him, was given by the recent 49th Annual General Meeting of shareholders held on 28 June, prior to which, the former chairman, Evripides Polykarpou, resigned.
Since the election of Christodoulou to the Board of Directors, his subsequent assumption of the chairmanship is subject, as mentioned above, to the approval of the European Central Bank and the Central Bank of Cyprus. The duties of the chairman during the current phase will be performed by Vice-Chairman Christos Themistocleous. Themistocleous was elected as Vice-Vhair of the Board of Directors during the last annual general meeting.
Michaelas instead of Koundentakis at Alpha Bank
The CEO of Alpha Bank Cyprus officially took over at the end of last June, after receiving the relevant approvals from the supervisory authorities, with Miltos Michaelas succeeding Konstantinos Koutentakis and starting a new chapter in the Alpha Bank group’s presence in our country.
In announcing the assumption of Michaelas' duties, Alpha Bank emphasised that it was a development that underlines the determination of the bank’s shareholders and board of directors for the rapid implementation of Alpha Bank Cyprus Ltd.’s development business plan.
With regard to Koutentakis, having made a decisive contribution to the transformation of Alpha Bank Cyprus, with an emphasis on improving productivity, rationalising costs, and consolidating its portfolio, it was mentioned in a relevant announcement from the bank that with his accumulated experience, he will continue to support the work of the new management, during the initial period. Subsequently, he will also contribute from a new position of responsibility to the implementation of the strategic development plan of the group.
Mannaris at the National Bank of Greece (Cyprus)
Just last week, moreover, the National Bank of Greece (Cyprus) announced, in accordance with a decision of its Board of Directors and after receiving approval from the supervisory authorities, the appointment of Philippos Mannaris as an independent non-executive member and chairman of the bank's Board.
Head of Aon Solutions Cyprus since 2003, responsible for the provision of the group's consulting services in Cyprus and the Middle East, Mannaris assumed the position of chairman of the Board of Directors of the National Bank of Greece (Cyprus), providing an essential and valuable contribution to the work of both the Board of Directors and the bank, in general, being considered a given.
Bank of Cyprus: Panicos Nicolaou until the end of 2026
As far as the Bank of Cyprus is concerned, the Bank's Board of Directors - in a session on 26 May 2023 and after the end of the annual general meeting, re-elected Efstratios-Georgios (Takis) Arapoglou as Chairman of the Board of Directors.
Earlier this year, the bank's management decided to extend the appointment of Panicos Nicolaou as CEO of the group until 31 December 2026.
It should be noted that a few months ago, Nicolaou returned to the chairmanship of the Association of Cyprus Banks for a term of one year, succeeding Konstantinos Koutentakis.