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Bank of Cyprus' future decisive for whole economy says new CEO
August 27, 2019
Bank of Cyprus is at a turning point and its decisions will be decisive not only for the lender but the entire economy, CEO-designate Panicos Nicolaou has told staff.
In an internal memo to staff published by the Cyprus News Agency on Monday, Nicolaou, who is set to replace John Hourican in a few days, pledged to intensify the lender’s upgrading of technology and drastically cut costs, while having its human resources – its greatest asset – at the forefront.
“Our bank is at a turning point,” Nicolaou said. “Our decisions on the bank’s next moves will be decisive, not only for the Bank of Cyprus, but the entire economy.”
The lender, which came back from the brink after being forced to seize close to 50 per cent of deposits in all accounts over €100,000 in 2013, is now focusing on technology rather than bricks-and-mortar, the norm seven years ago.