Corporate restructuring expert installed at Bank of Cyprus

(Source: Reuters)

Greek corporate restructuring expert Christos Sorotos has been appointed interim CEO at the Bank of Cyprus, which was placed in resolution by the Cypriot central bank in March.

Losses were imposed on deposits at the bank exceeding a guarantee of €100,000, with Sorotos now expected to start work on May 29 as 37.5 per cent of deposits not covered by the guarantee have now been converted to equity with an additional 22.5 per cent held for potential conversion depending on asset valuations due by the end of June.