Bank of Cyprus CEO John Patrick Hourican will stay in his current position through the end of 2020, following a decision by the executive board at the largest lending institution in Cyprus.
According to CNA News Agency, the Board of Directors voted to extend the Irish banker’s contract until the end of 2020, following the previous renewal in March 2017 through December of this year.
Sources have linked the announcement about Hourican’s extension with the outcome of the Helix Project, a tender launched by the bank for the sale of a portfolio of non-performing loans which will determine whether or not the bank would need to raise capital.
Helix would bring about the largest transaction ever on Cypriot soil, with the sale of bad loans worth about €3 billion.
An official announcement on Hourican and Helix was expected on Tuesday, August 28, during the bank’s Annual General Meeting in Nicosia.