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Hellenic chairwoman steps down

The Chairwoman of the Board of Directors of Hellenic Bank, Irena Georgiadou has announced she will be withdrawing from her position as chairwoman.

Speaking at the Annual General Meeting(AGM) of Hellenic Bank on Wednesday, she informed all present that she does not intend to claim once more her position as chairwoman of the board.

She did, however, clarify that she desires to stay a part of the Board of Directors if she secures the necessary votes, indicating that she was in good terms with the board members.

The announcement of the resignation of Georgiadou was off-script from the speech she had prepared for the AGM, and according to information from her inner circle, it caught everyone by surprise.

She went on to explain that the reason she decided to resign from her position was it took time away from her other obligations, hinting that she had received an attractive job offer.

“To be chairwoman of Hellenic Bank is a full-time position, and my professional and personal aspirations and priorities do not allow me to spend 100% of my time on Hellenic Bank anymore,” she said.

Asked whether she had received an offer for different job, she said “a different professional and personal opportunity has been given to me which I will likely pursue.”

Following the end of the AGM, the Board of Directors of Hellenic Bank sat down to assess the situation following the resignation of Georgiadou.

The management’s priority is to appoint a new chairman, with the relevant announcements being posted on the Cyprus Stock Exchange.

In her speech to shareholders Georgiadou called the swift corrections of distortions “nearsighted practice”, stressing that Hellenic Bank chose correctly the path of deep cuts.

She also pointed out that at 17.2% the bank’s capital index is among the highest in the world, and that this was achieved “without turning the bank into a real estate office”, as she said.

Regarding non-performing loans, she said that they consist of 58% of the loan portfolio, reaching €2.5 billion, with approximately €1 billion having been restructured.

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