The resignation of Marios Clerides, General Manager of the Cooperative Central Bank, may have come as a shock yesterday, however, it seems that it was simmering in the past few months.
The intentions of the outgoing GM of CCB were not unknown, at least to the finance ministry, as the state, as a major shareholder of the Cooperatives, had turned the green light for the appointment of Mr. Clerides in December 2013.
Mr. Clerides had signed a 5-year contract expiring in December 2018.
The Cypriot state controls 99% ownership of the Cooperatives after the recapitalization in 2013 with a state aid of €1.5 bn.
Mr. Clerides was one of the senior managers of Hellenic Bank for several years, with the only exception, his appointment as chairman of the SEC, during Glafkos Clerides’ governance.
At the end of his term he returned to HB.
StockWatch sources say that at the managerial pyramid the approaches on key policy bank issues were different.
Mr. Clerides’ appointment in CCB was made at a time when the Cooperative Movement suffered with unpredictable consequences for its future.
The great banking experience of Mr. Clerides and his successful service in Hellenic Bank were the main reasons for his appointment.
In his letter of resignation, submitted yesterday at 3 pm, he cited personal reasons.
The board of directors of CCB which held an extraordinary meeting yesterday afternoon accepted his resignation, praising at the same time "his valuable contribution to the movement in a very critical period for the cooperative and the Cypriot economy."
However, the information leaked suggests that the climate prevailing in the upper chambers of CCB was heavy. Messages reached the presidential palace, which yesterday expressed ignorance in relation to Clerides’ resignation.
Finance Minister Haris Georgiades seemed aware of the developments in CCB, while according to our information, the minister made backroom efforts for Mr. Clerides to remain at his post.
Information suggests that the outgoing CEO of CCB insisted on his decision, as he receives the baton of resignation from the outgoing CEO of the Bank of Cyprus, John Hourican.
Hourican submitted his resignation from BOCY on 21 April, citing personal reasons as well.
In the case of Mr. Clerides, as in that of the Irish banker, the reasons for their resignation seem deeper.
Both bankers were invited to the highest position at CCB and BOCY respectively, at the most turbulent, difficult and unpredictable situation for the Cypriot banking system, as it was formed after the events of March 2013.
The intentions of the outgoing GM of CCB were not unknown, at least to the finance ministry, as the state, as a major shareholder of the Cooperatives, had turned the green light for the appointment of Mr. Clerides in December 2013.
Mr. Clerides had signed a 5-year contract expiring in December 2018.
The Cypriot state controls 99% ownership of the Cooperatives after the recapitalization in 2013 with a state aid of €1.5 bn.
Mr. Clerides was one of the senior managers of Hellenic Bank for several years, with the only exception, his appointment as chairman of the SEC, during Glafkos Clerides’ governance.
At the end of his term he returned to HB.
StockWatch sources say that at the managerial pyramid the approaches on key policy bank issues were different.
Mr. Clerides’ appointment in CCB was made at a time when the Cooperative Movement suffered with unpredictable consequences for its future.
The great banking experience of Mr. Clerides and his successful service in Hellenic Bank were the main reasons for his appointment.
In his letter of resignation, submitted yesterday at 3 pm, he cited personal reasons.
The board of directors of CCB which held an extraordinary meeting yesterday afternoon accepted his resignation, praising at the same time "his valuable contribution to the movement in a very critical period for the cooperative and the Cypriot economy."
However, the information leaked suggests that the climate prevailing in the upper chambers of CCB was heavy. Messages reached the presidential palace, which yesterday expressed ignorance in relation to Clerides’ resignation.
Finance Minister Haris Georgiades seemed aware of the developments in CCB, while according to our information, the minister made backroom efforts for Mr. Clerides to remain at his post.
Information suggests that the outgoing CEO of CCB insisted on his decision, as he receives the baton of resignation from the outgoing CEO of the Bank of Cyprus, John Hourican.
Hourican submitted his resignation from BOCY on 21 April, citing personal reasons as well.
In the case of Mr. Clerides, as in that of the Irish banker, the reasons for their resignation seem deeper.
Both bankers were invited to the highest position at CCB and BOCY respectively, at the most turbulent, difficult and unpredictable situation for the Cypriot banking system, as it was formed after the events of March 2013.
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