Laiki Chairman, Kikis Lazarides is expected to announce his withdrawal from the Group at the Annual General Meeting on Thursday. Sources reveal that his withdrawal is the result of certain changes that are in progress in the Board of Directors lately.
The developments in the Group are linked to the capital changes that derived from acquisition of a stake by the Greek Group Marfin in February. Marfin controls directly or indirectly 18.16% of the Group’s shares while sources reveal that Lanitis, who holds 8.8% of the shares, intends to acquire an additional stake.
Reflecting the capital changes in the past few months, the AGM is expected to appoint four new Board members leaning towards the Greek Group. At a later stage, the number will increase to 7. Marfin Managing Director, Andreas Vgenopoulos, might be one of the members that will be appointed today.
The existing Board of Directors has 11 members, some of whom have already expressed their intention to resign.
The administrative changes came after a wild behind-the-scenes activity to secure a support at the AGM. The current administration aims to support the big funds that Laiki controls, such as the Provident Fund of the Group’s employees that holds 5.7% of its shares. It is almost unlikely, however, to exceed the 27% that supports Marfin’s interests.
Mr. Lazarides’ withdrawal from the Group (0.35% of the shares) signals the end of his successful era in the bank, which dates back to 1970 when the bank had two branches only. Today, Laiki Group holds 1/5 of the borrowing power in Cyprus, has expanded in Greece and has a presence in Australia, London and the Channel Islands.
The successful presence of Mr. Lazarides in Laiki was overshadowed by the involvement of the bank’s name in the breaking of the embargo against Milosevic’ regime five years ago. The issue had affected the relation between Laiki and its major shareholder, HSBC.
HSBC withdrew from the Group last year after 13 years of presence.
The developments in the Group are linked to the capital changes that derived from acquisition of a stake by the Greek Group Marfin in February. Marfin controls directly or indirectly 18.16% of the Group’s shares while sources reveal that Lanitis, who holds 8.8% of the shares, intends to acquire an additional stake.
Reflecting the capital changes in the past few months, the AGM is expected to appoint four new Board members leaning towards the Greek Group. At a later stage, the number will increase to 7. Marfin Managing Director, Andreas Vgenopoulos, might be one of the members that will be appointed today.
The existing Board of Directors has 11 members, some of whom have already expressed their intention to resign.
The administrative changes came after a wild behind-the-scenes activity to secure a support at the AGM. The current administration aims to support the big funds that Laiki controls, such as the Provident Fund of the Group’s employees that holds 5.7% of its shares. It is almost unlikely, however, to exceed the 27% that supports Marfin’s interests.
Mr. Lazarides’ withdrawal from the Group (0.35% of the shares) signals the end of his successful era in the bank, which dates back to 1970 when the bank had two branches only. Today, Laiki Group holds 1/5 of the borrowing power in Cyprus, has expanded in Greece and has a presence in Australia, London and the Channel Islands.
The successful presence of Mr. Lazarides in Laiki was overshadowed by the involvement of the bank’s name in the breaking of the embargo against Milosevic’ regime five years ago. The issue had affected the relation between Laiki and its major shareholder, HSBC.
HSBC withdrew from the Group last year after 13 years of presence.
3287.99
1275.09
