Former HSBC banker to take Hellenic Bank chair

A former HSBC banker has been appointed to the board of Hellenic Bank, one of Cyprus's biggest lenders, with a view to becoming chairman of the bank.

In a statement filed to the Cyprus Stock Exchange on Tuesday, Hellenic Bank said that Youssef Nasr, a Lebanese American, was nominated as a board member at its meeting on Monday.

His appointment must be approved by the Central Bank of Cyprus before taking effect. Sources said that once Nasr is approved by the Central Bank, he will be proposed as the next chairman of the board.

The biggest shareholder of Hellenic Bank is a US-based hedge fund CPB FBO Third Point Hellenic Recovery Fund LP, which holds a 26.2 percent stake. Wargaming Group Ltd of Belarus holds 24.9 percent and Cyprus-based Demetra Investments Public Ltd holds 10 percent.

[Xinhua]