Why the Association of Cyprus Banks is making statutory changes

The Association of Cyprus Banks is preparing to turn a page in its 55-year history, during its 18 June annual general assembly, before which, among other things, two key changes to its statutes will be put up for approval.

As an Association source explained to InBusinessNews, "statutory changes were put forward over the last year, in order for decisions to be taken more directly and above all for decisions to be implemented, mainly for extraordinary and immediately applicable issues, such as the discussion or examination of issues concerning the Association in the Parliament or arranging meetings with the President of the Republic or the Minister of Finance."

The changes in the statute, he added, will lead to a new management model of the Association, since the President will now have a two-year term compared to the current one-year term.

"It was considered a more satisfactory time for the president and vice-president of the Association to familiarize themselves with its issues and procedures, while they will be able to set some goals, which they will have the necessary time to achieve," the same source pointed out.

In addition to the term of office of the president, through the statutory changes, it will be possible for the president and the vice-president of the Association or one of them to represent the Association together with the Director General at various meetings.

"The idea to promote the changes was put forward by members of the Council, while the technocratic processing and preparation of the documents and legal procedures that will be put to vote today was done by the Association of Cyprus Banks in collaboration with its legal advisers," he added, underlining that "it is a process that took a year and is being implemented for the benefit of the Association".

Change in leadership

It is worth noting that during the general meeting, the new president of the Banks Association will be elected, a position currently held by the CEO of the Bank of Cyprus, Panicos Nikolaou.

It is noted that the current composition of the Board of Directors of the Association is as follows:

  • Bank of Cyprus Public Company Ltd: Panicos Nicolaou, CEO
  • Hellenic Bank Public Company Ltd: Antonis Rouvas, Interim Chief Executive Officer
  • Alpha Bank Cyprus Ltd: Miltos Michaelas, CEO.
  • National Bank of Greece (Cyprus) Ltd: George Agioutantis, CEO.
  • Cdbbank: Loukas Maragos, First Executive Director.
  • Societe Generale Cyprus Ltd: Khalil Letayf, General Manager.
  • AstroBank Ltd: Aristidis Vourakis, CEO.
  • Eurobank Cyprus Ltd: Demetris Shakallis, General Manager.
  • Ancoria Bank: Ioannis Loizou, Chief Executive Officer.

Based on the current statute, the three positions of vice presidents are held by the representatives of Hellenic Bank, CDB Bank and Astrobank.

The AGM’s schedule

It is noted that during the ceremonial part of the annual general assembly of the Association of Banks, the President of the House of Representatives, Annita Demetriou, the Governor of the Central Bank, Christodoulos Patsalides and the Minister of Finance, Makis Keraynos, will address a greeting, the latter through a video message, since he is in Luxembourg this week.

The outgoing chairman of the Board of Directors, Panicos Nicolaou, and the Director General of the Banks Association, Michalis Kammas, will also deliver speeches.

During the Assembly, Giorgio Costantino of the CRIF Group, will undertake the main presentation of the event on the subject of the application of ESG by the banking sector.

The members of the Association of Cyprus Banks

It is worth mentioning that 10 banks participate in the Association of Cyprus Banks, employing approximately 6,000 people and holding 90% of the loans and deposits in Cyprus.

These are Bank of Cyprus, Hellenic Bank, Eurobank, Alpha Bank, National Bank of Greece (Cyprus), Astrobank, cdb bank, Société Générale Bank, Ancoria and the Cyprus Housing Finance Corporation.

(Source: InBusinessNews)

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