Kris Pavlou is the new administrator of former Cyprus Popular Bank.

According to an announcement released by the resolution authority, the appointment is to replace resigned administrator, Andri Antoniadou.

Additionally, the resolution authority announces that it has reached a preliminary agreement with the Investment Bank of Greece (IBG), Greek subsidiary of Cyprus Popular Bank, to provide financial advisory services for the evaluation and possible sale of the assets of Cyprus Popular Bank, with a view of maximizing the benefit of creditors.

According to his cv Pavlou has worked in various banking positions since 1966, including Barclays Bank and HSBC and has served at various times in the board of former Laiki Bank. He was appointed by the Resolution Authority as Chairman of the Investment Bank of Greece in October 2013.

Former Cyprus Popular Bank (Laiki), was wound down after Cyprus received an international bail out in late March 2013. Special Administrator Andri Antoniadou tendered her resignation in March this year.