Ackermann chairs Bank of Cyprus
November 20, 2014
Ackermann, 66, was named new chairman of the Bank of Cyprus on Thursday, following a vote by both shareholders and the lender's board.
The former head of Deutsche Bank took the helm of the Cyprus bank after the lender passed an in-depth European review of its finances last month.
US billionaire Wilbur Ross, who invested millions in the bank, was elected vice chairman.
Lost trust
The Bank of Cyprus had earlier bolstered its capital base by raising 1 billion euros ($1.25 billion) in line with EU banking regulations.
But the lender is not out of the woods yet as half of its loans are non-performing, meaning it is unclear whether they will ever be paid back.
Thursday's voting procedures were accompanied by vociferous protests when Cyprus' Finance Minister Harris Georgiades entered the bank's headquarters in Nicosia.
"We want our money back!" the formerly affluent clients of the lender shouted. All had lost 47.5 percent of their deposits above 100,000 euros by virtue of a government decree to rescue the bank and secure bailout funds.
hg/cjc (AP, AFP)