Business World

Saturday 24 March 2018

Bank of Cyprus Chairman Artemis submits resignation

Andreas Artemis, the chairman of Cyprus's biggest commercial bank, the Bank of Cyprus , has submitted his resignation, a source at the bank said on Tuesday.

"He sent a resignation letter this morning which will be examined by the Board of Directors convening this afternoon," the bank source said, requesting anonymity.

Meanwhile, shares turned negative in mid-session trade on Tuesday, led by a sharp sell-off in banks after the European Commission said large depositors could be bailed-in for future bank rescues, as they were in Cyprus.

"In the Commission's proposal, which is under discussion, it is not excluded that deposits over €100,000 could be instruments eligible for bail-in," spokeswoman Chantal Hughes told a regular briefing.

"It is a possibility."

The FTSEurofirst 300 was down 0.1pc at 1,184.78 points , while the EuroSTOXX 50 shed 0.5pc and the Euro STOXX bank index fell 1.5pc.


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