TIDMBOCH
RNS Number : 2306K
Bank of Cyprus Holdings PLC
27 August 2019
Announcement
Changes in the Group Organisational Structure
Nicosia, 27 August 2019
Bank of Cyprus Holdings Public Limited Company ("BOC Holdings"
and, together with its subsidiaries, the "Group") announces a
revision of its organisational structure, organising the Group
along the structural areas of Functions, Business and Legacy, for
the creation of more focus and better alignment with the key
objectives of the Group. These include substantially reducing the
legacy portfolio, building the core business in the new digital era
and streamlining the functional areas of the Group, with emphasis
on digital transformation and cost reduction.
The below Executives will report directly to the CEO, Panicos
Nicolaou and together with him will comprise the Executive
Committee. The new organisational structure will be effective by 31
October 2019, subject to ECB's approval for the new Executive
Committee appointments.
First Deputy CEO - Christodoulos Patsalides
Deputy CEO - Charis Pouangare
Functions
Executive Director Finance - Eliza Livadiotou
Chief Risk Officer - Demetris Demetriou
Chief Information Officer - George Tziortzis
Business Lines
Executive Director Global Corporate Banking & Markets - Michalis Athanasiou
Executive Director Insurance - Louis Pochanis
Legacy
Executive Director RRD - Panicos Mouzouris
Executive Director REMU - Anna Sofroniou
Executive Director Corporate Finance Solutions - Nick Smith
The First Deputy CEO, Christodoulos Patsalides, will be working
closely with the CEO to oversee the progress on the strategic key
objectives of the Group. The Director Corporate Affairs, Michalis
Persianis and the Chief Legal Officer, Katia Santis, will report
directly to the First Deputy CEO. The First Deputy CEO will also
oversee a new function, Regulatory Affairs, in order to further
enhance the regulatory dialogue.
In order to ensure better focus and customer engagement, the
local business lines have been re-organised to create a clear
distinction between Corporate, SME and Retail, which will be headed
by the Deputy CEO, Charis Pouangare, who will also oversee
International Banking. The Director Corporate Banking, Xenios
Konomis, the Director SME Banking, Vyronas Vyronos, the Director
Retail Banking, Theodosis Theodosiou and the Director International
Banking, Harris Pistos will report to the Deputy CEO.
The Executive Director Global Corporate Banking & Markets,
Michalis Athanasiou, will head the specialised lines, including
Large Corporate Banking, Project Finance and Loan Syndication,
International Corporate Banking and Shipping and Wealth, with a
target to further diversify the loan portfolio and to pursue new
revenue streams both locally and abroad. The Director Wealth &
Markets, Gregory Dellas, will report to him.
Continuing the repair of our balance sheet remains a key
priority for the Group. Nick Smith will assume the position of the
Executive Director Corporate Finance Solutions and will focus on
strategies to further accelerate de-risking, including additional
portfolio sales. The Executive Director RRD, Panicos Mouzouris,
will lead the organic NPE reduction and the monitoring of
restructurings.
George Tziortzis, Chief Information Officer, will lead the
delivery of the Digital Transformation Programme and will report
directly to the CEO.
Solonas Matsias is appointed as Director Operations & Chief
Cost Officer, a key position that will run the cost reduction plan.
Irene Gregoriou is appointed as Director Human Resources. Both will
report directly to the CEO.
Despina Kyriakidou is appointed as Director Treasury and will
report to the Executive Director Finance, Eliza Livadiotou.
The Internal Audit Director, George Zornas reports directly to
the Audit Committee. The Compliance Director, Marios Skandalis
reports directly to the Audit Committee and as a second line of
reporting to the First Deputy CEO.
The Group's new organisational structure is available on the
Group's website
https://www.bankofcyprus.com/en-GB/investor-relations-new/announcements/?y=2019
Group Profile
The Bank of Cyprus Group is the leading banking and financial
services group in Cyprus, providing a wide range of financial
products and services which include retail and commercial banking,
finance, factoring, investment banking, brokerage, fund management,
private banking, life and general insurance. The Bank of Cyprus
Group operates through a total of 108 branches in Cyprus. Bank of
Cyprus also has representative offices in Russia, Ukraine and
China. The Bank of Cyprus Group employs 4,155 staff worldwide. At
30 June 2019, the Group's Total Assets amounted to EUR21.9 bn and
Total Equity was EUR2.5 bn. The Bank of Cyprus Group comprises Bank
of Cyprus Holdings Public Limited Company, its subsidiary Bank of
Cyprus Public Company Limited and its subsidiaries.
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END
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