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More names rumoured for Hellenic’s new board

May 31, 2019 at 9:42am
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Hellenic Bank yesterday announced it will hold an extraordinary general meeting of the shareholders on June 26 amidst rumoured power games regarding board directors.

Even though the list of major shareholders of Hellenic Bank has changed, old board directors refuse to resign and set themselves up for re-election. Even though a group of the new shareholders have called on them to do so.

At the same time, Hellenic’s annual general meeting is now set to take place on July 24 and not on June 26, as previously announced.

The five major shareholders of Hellenic are now Demetra Investments with 21%, Wargaming with 20.2%, Popy Sarl (Pimco) with 17.3%, Third Point fund with 12.6% and 7Q Financial Services with 8.9%.

Of the five, only Wargaming and Third Point have a representation at the 13-member board of directors. Even though an old shareholder with an initial stake of 10%, Demetra Investments was never represented at the Board.

Informed sources said Demetra, which is today the biggest shareholder, wants to have up to four seats in the new board, while Pimco eyes one to two seats. Representation is expected to also be contested by 7Q Financial Services.

Phileleftheros also has inside information that shareholders have approached individuals with essential qualifications as well as the status to represent them at the new board.

One of them is reportedly Phidias Pylides who was the top man of PwC in the past and has also served as head of the Cyprus Investments Promotion Agency as well as of the Cyprus Chamber of Commerce and Industry.

Another potential board director is Mike Spanos who was an independent senior director of Bank of Cyprus and a former board member of Central Bank of Cyprus.

Marios Maratheoustis, who works abroad, is also a rumoured candidate, along with Christopher Kraus, executive vice president and portfolio manager at Pimco’s London office.

The list of proposed amendments includes regulation 108 of the Bank’s constitution providing that “at each annual general meeting of the Company all directors (regardless of when such a person was appointed or elected or re-elected as a director of the Company) will have to withdraw from their position and if willing to remain active then they should make themselves eligible for re-election.”

 

Read more:

Hellenic Bank’s much-contested Board positions