Announcement

The Bank of Cyprus Group announces that its Chief Executive Officer, Mr. John Patrick Hourican, has today informed the Bank’s Board of Directors of his intention to step down from his post in late summer 2015. Mr. Hourican’s decision to leave the Bank is a personal one and he intends to return to Ireland to spend more time with his young family. He indicated that he is not leaving to take up another role elsewhere.

On his departure from the Bank, Mr. Hourican will have spent nearly two years in Cyprus and led the Bank during an extraordinarily difficult chapter in its history. Today the Bank is much better positioned to serve its customers, to offer opportunity to its employees and to create returns for its shareholders. The Bank has a clear strategy. The integration of the Bank with Laiki Bank is complete.  Good progress has been made in selling and de-risking overseas businesses. The deposit base has stabilized and the Bank has begun to make progress with its non-performing customers. ELA funding has been dramatically reduced, and, importantly, Euro 1 billion of fresh equity has been raised to ensure that the Bank is well capitalized amongst its European peers. These initiatives will continue under the strong management team in place under the guidance of the new Board of Directors for the benefit of the Bank’s depositors and borrowers and of the Cypriot economy in general. A successor to Mr. Hourican will be announced in due course. 

In a statement to staff Mr Hourican said: “I have been very proud to be part of the Bank of Cyprus family during this period and to have led this chapter in the Bank’s rehabilitation.  It has been an honour to work with so many talented people and to play my part in laying the foundations for a better bank to serve the Cypriot economy into the future.”

The Chairman of the Bank of Cyprus Board of Directors, Dr. Josef Ackermann, stated: “On behalf of the Board of Directors, I wish to express my thanks and appreciation for the remarkable progress achieved under John Hourican’s leadership. He leaves behind a strong management team and a bank in a steadily improving financial shape, with restored employee, investor and customer confidence. We wish him all the best in his future endeavors and we are looking forward to continuing to work with him in the months ahead.”

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