Deputy CEO of Cyprus Popular Bank, Panayiotis Kounnis expressed his intention to retire earlier, paving the way for new changes in the managerial team of the bank.

His resignation has not been ratified yet.

In an announcement released today, the bank said that it has nothing to announce.

Mr. Kounnis, who normally retires in 2017, is in the bank since 1980 and in the Board over the last five years.

In the past few years, he supervised the Group’s activities in Cyprus.

His withdrawal paves the way for further changes in the top managerial team of the Group, which is in a reorganization phase after the resignation of Non-Executive Chairman, Andreas Vgenopoulos and CEO, Efthimios Bouloutas in late 2011.

The Central Ban promotes former HSBC banker, Chris Pavlou in the position of Executive Vice-Chairman of the Group.

Recently, the bank appointed Andreas Filippou as Chairman.

The CB is claiming a leading role in the structure of the Board of Directors, since besides its supervisory role it has assumed the credit risk of injecting emergency liquidity to the Bank against securities.

The Ministry of Finance is claiming the same role, representing the major shareholder of the bank.

The bank announced losses of €1.3 billion in the first half of 2012, mostly due to the deterioration of the conditions in Greece.

Its 5-year restructuring plan is already before the competent authorities.

The plan aims to bring the bank back to profitable course in the next few years.