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Bank of Cyprus CEO resigns for "personal reasons"

Xinhua, April 21, 2015 Adjust font size:

Bank of Cyprus CEO John Hourican, an Irish banker who was called in to help the lender rise up from its ruins in 2013 resigned for "personal reasons" on Tuesday, the bank said in a statement.

It said that Hourican will work for about four more months until the end of his notice.

Hourican was appointed Bank of Cyprus CEO shortly after it was directed by Cyprus's international lenders to impair uninsured deposits over 100,000 euros (107,000 U.S. dollars) by 47.5 percent to recapitalize.

The world's first bail-in as it has since become known, was part of a resolution of the Cypriot banking system, and involved the winding down of Laiki Bank, the eastern Mediterranean island's second largest lender, and its folding into Bank of Cyprus.

Cyprus itself received a 10-billion-euro bailout by the Eurogroup and the International Monetary Fund after a prolonged crisis.( 1 euro = 1.07 U.S. dollars) Endit