The Bank of Cyprus elected unanimously Mr. Eleftherios Ioannou as New Chairman. Mr. Ioannou has a wide experience in the banking sector and has served in high managerial posts in commercial banks and the Central Bank. He started his banking career at the Bank of Cyprus in 1951. After the establishment of the Central Bank in 1963, he was appointed as head of the internal banking operations department before undertaking the international activities Department. He was appointed by the government as First Chairman of the Permanent Advisory Committee for offshore companies and Chairman of the Permanent Advisory Committee for foreign investments. He also served as Chairman of the newly established House Financing Organization for three years. Until May 2000, he was the Managing Director of Alpha Bank Ltd, former Lombard NatWest Bank Ltd. From 2000 to 2004, he was the Chairman and Managing Director of Alpha Bank Romania.

According to a BOC announcement, Mr Ioannou “thanked the existing Chairman, Mr. Vasilis Rologis, the Vice-Chairman, Mr. Andreas Artemis, the other members of the Board of Directors, the Group Chief Executive Officer, Andreas Eliades, and the Management team for their work to date”.

Mr. Ioannou assured them that he will work with them for the further progress of the Bank of Cyprus and the interest of the shareholders, customers and employees.