The Russian presence in the new Board of Directors of Bank of Cyprus is considered a given, what remains is the choice of persons. Representatives of large law firms representing 12% -15% of Russian and Ukrainian new shareholders met yesterday with Central Bank Governor Panikos Dimitriadis and are preparing to submit the candidates' CVs.
According to informed sources, the intention of the new shareholders is to have 2-3 advisors on the new Board of Directors, who will be Russians.
Although the new share register, after the conversion of deposits into shares, has not yet been determined, according to information, 29% of the Bank belongs to Cypriots, 18% to the "bad" Laiki, 41% to foreigners and 12% also belongs to to foreigners, who are represented by law firms.
The manager of Laiki, Andri Antoniadou, will also have a seat on the Board of Directors, representing all the bank's creditors.
However, next Tuesday the discussion is expected to go deep and the list of candidate members of the Board of Directors of Bank of Cyprus officially begins to open. The fermentations are expected to continue until September 5, when the candidacies for the new Board of Directors will be announced.
On Thursday, the transitional council will discuss the restructuring plan prepared by Mckinsey. According to the Memorandum of Understanding, the Bank must have completed and submitted to the Central Bank and the Troika the final restructuring plan for approval by 30/9/2013.
Source: FILELEFTHEROS