Cyprus News Agency: News in English, 13-05-17

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] New Bank CEO to be appointed soon, Bank of Cyprus Chairman says

[01] New Bank CEO to be appointed soon, Bank of Cyprus Chairman says

However, an additional 22.5% of uninsured deposits in Bank of Cyprus remain frozen until the independent evaluation of the bank's assets to be concluded by the end of June.

"The March developments, the Eurogroup's decisions and Cyprus' loan agreement, have brought about rapid changes to the financial system. For the Bank of Cyprus and the Cyprus Popular Bank an era has finished with important success when they were serving the long-standing values of our community but with weaknesses when they began diverging from these values," Michaelides said in a circular to the bank's employees.

Michaelides notifies the employees on the developments within the Board, whose mission is to oversee the bank's restructuring and recapitalization until the next shareholder's General Annual Meeting.

Describing the current period as "an unprecedented juncture of challenges but also big opportunities," Michaelides notes "the task for which we have been appointed is particularly difficult and unprecedented in the history of our country's financial system."

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