Replacing him on the board but not as vice-chairman will be James B. Lockhart III, Vice Chairman of WL Ross & Co LLC, the private equity firm founded by Ross that has a 1.6% stake in BoC.  Lockhart has been on the WL Ross board since 2009.

The appointment on the Bank’s Board of Directors is subject to approval by the European Central Bank (ECB).

Once approved by the ECB, Mr Lockhart will also participate as a member of the Nominations & Corporate Governance Committee and the Risk Committee.

WL Ross & Co announced in January that it would remain invested in BoC.

“WL Ross & Co. will remain actively involved with the Bank and is in discussions with the Bank regarding Wilbur Ross’s replacement on the Board should he be confirmed,” it said in a statement.

Lockhart has served the US government in the past in a range of positions, including Director and Chairman of the Federal Housing Finance Agency (FHFA) Oversight Board, the Troubled Asset Relief Program’s (TARP’s) Financial Stability Oversight Board and on President Bush’s Management Council.

BoC made an after-tax profit of €64m in 2016 according to its preliminary Group financial results published on Wednesday.

Source: InCyprus