THE BANK of Cyprus appointed ex-RBS investment head John Hourican as its chief executive officer yesterday.
Irishman Hourican, who was chief executive of Royal Bank of Scotland's investment arm from 2008 until earlier in 2013, will have oversight of extensive restructuring at Bank of Cyprus, caught up in the turmoil of an international bailout on the island in March.
Bank of Cyprus became the first bank in the Eurozone to force depositors to give up a chunk of their savings to recapitalise the lender, in a so-called bail-in.
“The board of Bank of Cyprus believes this appointment is a key step in restructuring and developing operations of the bank to benefit shareholders, clients and the economy of Cyprus,” the bank said.
City A.M. Reporter