Central Co-op Bank boss resigns

THE GENERAL manager of the Central Cooperative Bank resigned on Thursday around 18 months before the expiration of his contract, to pave the way for a new chief to get involved the decisions that will shape the cooperative movement’s future.

Erotocritos Chlorakiotis will depart on September 30, a news statement said.

His resignation aims at paving the way for the new manager to participate in the decision-making regarding the future of the movement in light of the changes outlined in Cyprus’ bailout agreement.

As part of the agreement, cooperatives must shrink in number – from 96 to 35 – mainly through mergers.

The movement’s capital needs are estimated to be up to €1.5billion.

They will be covered by the bailout fund.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.