Bank of Cyprus chief executive to depart in September

NICOSIA, Cyprus (AP) — The chief executive of Cyprus’ largest bank says he will quit his position in September after nearly six years to take up a “commercial opportunity” in the U.K.

John Patrick Hourican, the CEO of Bank of Cyprus, said Monday that he leaves the bank in “its strongest capital position in living memory. He led its recovery from near-bankruptcy in 2013 when a banking crisis forced Cyprus to seek a rescue deal from international creditors.

Hourican noted that the bank’s bad loans have been whittled down from 15 billion euros to 4.8 billion euros over six years.

He cited family matters as a key reason for his departure. He said the bank’s strong balance sheet is “a good moment” to consider his succession.

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