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NICOSIA — Former Deutsche Bank chief Josef Ackermann has been named the new chairman of bailed-out Cyprus’ biggest bank.

The shareholders’ and board votes come after the Bank of Cyprus passed a European in-depth review of its finances last month. The bank had earlier bolstered its capital base by raising 1 billion euros ($1.25 billion).

U.S. billionaire Wilbur Ross, who led a group of investors in pouring tens of millions into the bank, was elected Vice Chairman. Russian Vladimir Strzhalkovskiy stays on also as vice chairman.

Bank of Cyprus still faces major hurdles — half of all its loans are bad.

Police thwarted several dozen angry bondholders who lost money in Cyprus’ multi-billion euro international rescue deal last year from forcing their way into the bank’s headquarters.

The post Foreigners Now Rule Cyprus’ Bank appeared first on The National Herald.

Source: The National Herald
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