Second member resigns from Hellenic Bank’s Board to assist Eurobank takeover

11:51 - 07 August 2024

Financial Services

A second member of Hellenic Bank’s Board of Directors, John Gregory Iossifidis, senior independent adviser and member of the Audit and Nominating/Internal Governance Committees, has informed the bank of his intention to resign.

He is following in the footsteps of the Board’s former non-executive Vice Chairman, Christos Themistocleous, whose resignation was announced soon after news emerged of Eurobank’s plans to replace members of Hellenic’s Board having officially gained a majority stake in the bank; and its ultimate strategy to merge the bank with Eurobank Cyprus.

Iossifidis informed the bank of his intention to resign just ahead of Hellenic’s 50th annual general meeting of shareholders that is set to take place on 18 September. Citing the reasons for his resignation, Iossifides said it was to facilitate a smooth transition for the new leadership to implement its strategic vision and targets.

Citing sources, InBusinessNews has reported that more resignations are expected to follow up until Hellenic’s AGM in September.

Last week, Eurobank S.A. officially increased its participation in Hellenic to 56%.

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