Greek banker named Bank of Cyprus boss

central bank said.
Britain-based Sorotos (61) is an expert in corporate restructuring who has worked in Greece, the United States, Bulgaria and Romania, said a statement said.

It is hoped his experience in restructuring banks in trouble will help steer the Bank of Cyprus — currently under central bank control — through the island’s worst economic meltdown.

“He previously served as deputy governor of the National Bank of Greece and was responsible for the management of non-performing loans and the creation of a ‘bad bank’ contributing to the restructuring of the bank and its exit from the crisis,” said the central bank.

Sorotos also served as country corporate officer at Citibank and general manager at Eurobank, both in Greece.

His appointment comes into effect from today.
To secure a 10 billion-euro EU-IMF rescue package, Cyprus has had to severely cut back its bloated banking sector and businesses struggle to survive without sufficient working capital as the eurozone’s first capital controls remain in place.

Banks have been operating under stringent capital controls since they re-opened on March 28.
A bail-in from depositors was a key element of a deal Nicosia struck with its EU partners and IMF last month to help fund a 23 billion euro rescue package. — AFP.