Cypriot police investigate possible arson of Bank of Cyprus CEO's car

Cypriot police are investigating a possible arson attack on a car which was used by Bank of Cyprus Chief Executive Officer (CEO) John Hourican, a bank official said on Tuesday.

Bank of Cyprus spokesperson Michalis Persianis said the car belonged to the bank but was driven by Hourican, who was abroad when the attack took place.

The car was parked on a side street outside Hourican's home in a Nicosia suburb.

A neighbor's car was also damaged by the fire.

Persianis said there were no threats made to either the bank or Hourican personally.

"We do not know why and how the car caught fire. We are awaiting the results of the police investigation," Persianis said.

A police spokesperson confirmed that the fire was being treated as a possible arson case.

"Investigators are treating it as a malicious fire and are seeking the motives behind it," he said.

John Hourican, an Irish banker, was called in to lead Bank of Cyprus in the aftermath of a 10-billion-euro bailout of Cyprus by the Eurogroup and the International Monetary Fund in March, 2013.

Bank of Cyprus, the largest lender of the eastern Mediterranean island, is currently engaged in restructuring non-performing loans making up half of its portfolio.

Former depositors are also asking for the return of almost 300 million euros in damages from the bank, claiming they were fraudulently tricked into buying high-yield bank bonds, which were wiped out when the bank was resolved. Endit