Current Eurobank Cyprus CEO Michalis Louis is expected to become the new chief executive officer of Hellenic Bank, it emerged on Tuesday.
This appointment comes as part of a broader restructuring within the bank, following the approval of a relevant resolution by its shareholders during the upcoming annual general meeting on September 18.
Antonis Rouvas, who has been serving as the Interim CEO of Hellenic Bank, is expected to assume the role of chief financial officer (CFO).
Moreover, it was reported that the leadership team of Hellenic Bank will be finalised after the new board of directors is officially constituted.
Regulatory guidelines prohibit senior executives from holding top positions in more than one banking institution at the same time, suggesting that Louis is expected to step down from his position as the head of Eurobank’s international activities general division.
Rouvas had previously held the CFO position at Hellenic Bank for several years before his appointment as interim CEO.
According to reports, a succession plan will be activated to replace Louis in order to ensure continuity at Eurobank Cyprus, with key executives expected to take on enhanced roles.
The management structure at Eurobank Cyprus currently includes Andreas Petsas, Senior General Manager; Demetris Shacallis, General Manager CFO; Achilleas Malliotis, General Manager COO; and Antonis Antoniou, General Manager of Wealth Management & Global Markets.
It also includes Stephanos Kassianides, General Manager of International Business Banking & BC Network; Demetris Eliades, Head of International Business Banking; Nicolas Panayi, Manager of Large Corporate; Marios Hadjikyriakos, Manager of Wealth Management; as well as Katerina Charalambous, Head Centralised Operations and Organisation & Methods.
Regarding the executive team that will support Louis at Hellenic Bank, final decisions are expected to be made after the annual general meeting of shareholders.
Citing sources, local outlet Stockwatch said that only a limited number of Eurobank executives are expected to move to Hellenic Bank.
It added that a “senior Eurobank source emphasised that the current executive team at Hellenic Bank has been performing well and will be treated with respect by the new major shareholder”.
Last Friday, Eurobank, which now holds 56 per cent of Hellenic Bank’s total share capital following a public offer, announced its proposed members for the new board of directors at Hellenic Bank.
Petros Christodoulou is set to remain as chairman, while Michalis Louis is proposed as an executive member of the board, along with Antonis Rouvas.
In addition, Stephen John Albutt and Maria Xatha are expected to continue as independent non-executive board members.
The new board will also likely include independent non-executive members Oliver Bernard Elligan, Robert Anastasis Kyprianou, Charalambos Constantinou, Maria Charalambous, Sofronis Clerides, and Kenneth Howard Smith.
