Hellenic Bank’s 40th Annual General Meeting (AGM) convened this week to decide on the new board of directors and inform the shareholders on the bank’s financial situation. Among the new members is Irena Georgiades, current Public Sector ReformCommissioner, and former adviser to the current finance minister.

Georgiades is expected to resign her government post although President Nicos Anastasiades hasn’t yet decided on a replacement. The other members elected to the board were Marinos Yiannopoulos, Vasos Komodromos, Ioannis Matsis, Marianna Pantelidou, Evripides Polycarpou, Giorgos Fereos, Andreas Haritou, Christodoulos Hadjistavris and David Bonnano.

Hellenic’s financial manager Antonis Rouvas said that despite the dire financial situation on the island the bank still pulled through, posting a €133m profit for 2013. Rouvas said the bank successfully completed its restructuring scheme, by securing €358m, €64m more than needed, according to a report issued by management firm PIMCO.

Hellenic’s CEO Makis Keravnos asked the government to make sure that Cyprus does not fall victim to blackmail by the European Union, adding that the troika memorandum’s terms were “very strict and punishing in nature”. Keravnos complained that the recapitalisation of Cypriot banks was based on extreme scenarios.

Outgoing board chief Andreas Panayiotou, said that the bank was ready to face any challenge that lies ahead without resorting to any support mechanism. “I leave with the best memories and a clear conscience. I thank the administration and staff for their hard work and their sense of duty”.

The new board has to be approved by the Central Bank. Once they receive approval, the board is expected to appoint the new head, with Irena Georgiades being the favourite.

Source: Cyprus Mail