NICOSIA, Nov. 7 (Xinhua) -- A former HSBC banker has been appointed as a board member of the Hellenic Bank, one of Cyprus' biggest lenders, with a view of becoming chairman of the bank.
The Hellenic Bank said in a statement filed on Tuesday to the Cyprus Stock Exchange that Youssef Nasr, a Lebanese American, was proposed as a member of its board 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.
Nasr was born in 1974 and has served in top positions of HSBC in several countries, including the United States and Canada.
The biggest shareholder of Hellenic Bank is a U.S.-based hedge fund -- CPB FBO Third Point Hellenic Recovery Fund LP, which holds 26.2 percent of stake. Wargaming Group Ltd of Belarus holds 24.9 percent and Cyprus-based Demetra Investments Public Ltd holds 10 percent.
The European Bank for Reconstruction and Development acquired 5.4 percent of its shares in the 2015 recapitalization of the Bank.
