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Bank of Cyprus chairman resigns

Bank of Cyprus chairman resigns
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Andreas Artemis, the 59-year-old chairman of the Management Board of the Bank of Cyprus, has submitted his resignation.

Local media reported that Artemis expressed his disagreement on the plans to recapitalise the bank in a letter sent to the Ministry of Finance.

On Monday, Dinos Christofides was appointed as Special Administrator for the implementation of reorganisation measures the Bank of Cyprus and Andri Antoniades as a Special Agent for the implementation of reorganisation measures in the People’s Bank by the country’s central bank.

Christofides told Reuters he would oversee “the restructuring of the bank and the absorption of part of Cyprus Popular Bank”.

“It means that from now until further notice I will be running the bank,” he said. “It could be short term … or it could be longer.”

Cyprus agreed to fold small deposits of Cyprus Popular Bank, also known as Laiki, into Bank of Cyprus.

Laiki will be closed under the terms of a 10 billion eur rescue package agreed on Monday in Brussels with international lenders to avert a financial meltdown on the island.

Andreas Artemis was elected chairman of the board of the Bank of Cyprus on 29 August 2012, succeeding Theodore Aristodemou.