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Cyprus' largest bank names ex-RBS exec as CEO

Former senior Royal Bank of Scotland official appointed CEO of bailed-out Cyprus' biggest bank

Cyprus' largest bank names ex-RBS exec as CEO

NICOSIA, Cyprus (AP) -- The largest bank in financially struggling Cyprus has named former senior Royal Bank of Scotland official John Patrick Hourican as its new chief executive officer.

Hourican's appointment Tuesday comes at a challenging period for the Bank of Cyprus, which is being restructured and dealing with a growing number of bad loans.

The bank was at the center of Cyprus' international bailout by its eurozone partners and the International Monetary Fund in March.

Cyprus received a 10 billion ($13.67 billion) euro loan, but uninsured depositors in its two biggest banks were forced to take huge losses on their savings.

Laiki Bank, the country's second-largest, was closed and parts of it were absorbed by Bank of Cyprus.

Hourican headed RBS's markets and international banking division before leaving the bank earlier this year.


Updated : 2021-04-11 18:07 GMT+08:00