Josef Ackermann Named Chairman of Bank
NICOSIA, Cyprus (AP) — Former Deutsche Bank chief Josef Ackermann has been named the new chairman of bailed-out Cyprus’ biggest bank.
Recent Board Votes and Financial Review
The shareholders’ and board votes Thursday come after the Bank of Cyprus passed a European in-depth review of its finances last month. The bank had earlier bolstered its capital base by raising 1 billion euros ($1.25 billion).
Key Investors: Wilbur Ross and Strzhalkovskiy
U.S. billionaire Wilbur Ross, who led a group of investors in pouring tens of millions into the bank, was elected vice chairman. Russian Vladimir Strzhalkovskiy stays on also as vice chairman.
Challenges Ahead for Bank of Cyprus
Bank of Cyprus still faces major hurdles — half of all its loans are bad.
Bondholder Protests After Rescue Deal
Police thwarted several dozen angry bondholders who lost money in Cyprus’ multibillion euro international rescue deal last year from forcing their way into the bank’s headquarters.
