12° Nicosia,
20 July, 2024

Hellenic CEO cleared of any wrongdoing

The Cyprus Securities and Exchange Commission cleared Hellenic's CEO, Oliver Gatzke, or any suspicious activities

Panayiotis Rougalas

Panayiotis Rougalas

Oliver Gatzke, CEO of Hellenic Bank, has not been linked to any suspicious activity, according to the Cyprus Securities and Exchange Commission (CySEC).

Essentially, as K is aware, the CySEC Board has rejected the claims of potential stock price manipulation of Hellenic Bank.

CySEC sources stated that there is "no issue that warrants further investigation".

At the same time, Hellenic Bank has been made aware of this development. The German banker's future at the bank no longer depends on a decision by the Cyprus Securities and Exchange Commission, which would have a catalytic effect on the outcome.  The next steps on whether he stays or goes will be purely a Hellenic Bank decision.

The background

Mr. Gatzke has been out of office since mid-October, when, following the speeches of Hellenic Bank's CEO and CFO, the CEO of Dimitra Investment, Nearchos Ioannou, took the floor and harshly criticized the bank's performance.

A Senior Executive of Hellenic Bank is alleged to have encouraged staff to purchase shares in Hellenic Bank, according to Mr. Nearchos Ioannou, CEO of the former major shareholder of Hellenic.

Hellenic Bank suspended its CEO a few days later, in the first ten days of October, to investigate these allegations.

[This article was translated from its Greek original]

Cyprus  |  banks

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