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ATA - RETRO event in Korça/A collection of old cars, an attraction of tourists
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ATA - Albanian feature film 'Open Door' premiered in main competition of Sarajevo Film Festival
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NNA - اختتام الملتقى الكشفي العربي للاعلامي الصغير
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ATA - Exports to Spain increased 42% in July this year
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NNA - فكار اغترابية أوستراليا ونادي الشرق كرموا أدباء وشعراء ممثل
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ATA - Number of foreigners living and working in Albania is up 9,7%
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NNA - لبنان ثالثا في بطولة غرب آسيا لكرة الطاولة
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Lusa - Business News - Portugal: Ryanair 'must observe labour, strike law' during stoppage - government
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Lusa - Business News - Mozambique: Government invites Ematum bondholders to accept debt restructuring
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Lusa - Business News - Portugal: PSI20 closes Friday down 1.33%
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CNA - اطلاق موقع الكتروني للأعمال الفنية المفقودة منذ الغزو التركي 1974
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
تم اليوم إطلاق موقع إلكتروني للأعمال الفنية القبرصية المفقودة منذ عام 1974، في محاولة لتحديدها وإعادتها إلى أصحابها الشرعيين. ...
Lusa - Business News - Macau: GDP declines 2.5% in H1, 2019
Macau, China, Aug. 23, 2019 (Lusa) - The Macau government admitted on Friday that the territory's economy may continue to...
CNA - السلطات القبرصية تؤكد ظهور حالة أخرى من فيروس غرب النيل وأخرى قيد التحقق
وكالة الأنباء القبرصية - قبرص / نيقوسيا - مهى ميخائيل
قالت اليزابيث قسطنتينو المسؤولة الكبيرة في وزارة الصحة أنه لا يزال هناك أربعة أشخاص يتلقون العلاج في قبرص بسبب فيروس...
Lusa - Business News - Mozambique: Japan loans €40.6M for maintenance of Maputo electricity plant
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قال المتحدث الرسمي باسم الحكومة برودروموس برودرومو أن التصريحات التي أدلى بها الرئيس التركي رجب طيب اردوغان بشأن القضية القبرصية، "أدت...
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صرح وزير الداخلية قسطنطين بيتريدس أنه سيتم توزيع 4.7 مليون يورو على 103 بلدية وإدارة محلية في جميع أنحاء قبرص...
Lusa - Business News - East Timor: Veteran journalists call on new generation to work for development
Dili, Aug. 23, 2019 (Lusa) – Two East Timor journalists who 20 years ago played a role in the process...
Lusa - Business News - East Timor: Veteran journalists call on new generation to work for development
Dili, Aug. 23, 2019 (Lusa) – Two East Timor journalists who 20 years ago played a role in the process...
Lusa - Business News - Mozambique: US bank to provide €4.5B for natural gas projects
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Lusa - Business News - Portugal: PSI20 opens 0.23% up at 4,867.41 points
Lisbon, Aug. 23, 2019 (Lusa) – The Lisbon stock exchange opened in positive territory on Monday with the main benchmark...
Lusa - Business News - Portugal: Top headlines on Friday
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CNA - Leadership change will not disrupt momentum in addressing remaining challenges, Ackermann says




CNA -CYPRUS/Nicosia- The change in the Bank of Cyprus’ leadership will not affect the momentum in addressing the remaining challenges, as the strategy implemented is the appropriate and bears fruit, the bank’s outgoing Board Chairman and outgoing CEO has said.

Addressing the Bank of Cyprus' annual general meeting both Joseph Ackermann and John Patrick Hourican praised the bank’s new CEO, Panicos Nicolaou and the new Board Chairman Takis Arapoglou.

“I would like to reassure all shareholders and the Bank staff that the change in the Bank’s leadership that is under way will not disrupt the momentum of the ongoing reforms to effectively address the remaining and the new challenges facing the Bank,” Ackerman said.

Looking back at the time when he took up his position with the Bank of Cyprus, the island's largest lender, in November 2014, Ackerman recalled the “deep wounds and dislocations from the dramatic events of March 2013” both for the bank and the Cypriot economy, “we had a Dream both about the Bank and about Cyprus,” implementing a three-pillar strategy, focusing on the bank’s activities, repairing the bank and building the bank.

“Four and half years later, I am pleased and proud to report that, while we still have plenty of work to do, the results from the implementation of the strategy have been impressive and have exceeded our initial expectations,” he said.

On his part, Hourican said “the bank has made good, if at times, painful progress in its recovery over the past 5 years,”, noting the bank has much improved asset quality, stronger capital, stronger liquidity, less branches, better technology and a clear focus on completing the job.

He added that the bank’s balance sheet has shrunk by 9 billion compared to 2013, while non-performing loans declined by €10 billion since the peak of 2014, while carrying €4 billion in excess liquidity.

“We remain committed to finish our balance sheet de-risking and refocus the business on supporting the growing Cypriot economy. Whilst there remains more to do in rebuilding the value and financial position of this institution, I am confident that we have the right building blocks in place to eventually achieve our goals,” he said, noting a key objective over the coming quarters will be to further develop a more efficient business model with a focus on sustaining revenues while at the same time significantly reducing costs and better managing labour relations.

CNA/GS/EC/2109
ENDS, CYPRUS NEWS AGENCY
________________________________________

Cyprus News Agency, 21 Academias Avenue, 2107 Aglantzia, Nicosia
Tel. 22556000, Fax. 22556100, email:news@cna.org.cy, website: www.cna.org.cy


Agency : CNA

Date : 2019-05-15 10:11:00







 

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