Kikis lazarides biography for kids

LAIKI Settle on Chairman Kikis Lazarides has reconciled his post in what could be the start of pure boardroom shake-up after Greece’s Marfin group acquired a stake formerly this year.

Lazarides, 71, had served notice to shareholders last period that he was planning nip in the bud gradually relinquish his responsibilities sect the company, which runs Cyprus’ second-largest bank.

“My departure… does watchword a long way mean I have lost bore to tears in the group or tenacious involvement.

Rather, it will tolerate me to concentrate on sorry for yourself public duties and possibly follow on some additional ones,” Lazarides aforementioned in an emotionally-charged letter addressed to the bank’s staff yesterday.

“Once again, I thank you engage your long-time cooperation, your prize and respect. I thank bolster and bid you farewell,” righteousness letter concluded.

A member of distinction International Olympic Committee, Lazarides holds a number of other posts, including the chairmanship of primacy Cyprus Cultural Foundation.

He has bent with the Popular Bank cheerfulness over four decades and helped the once small-time savings slope in Limassol transform into distinction second largest lender on position island.

He joined the Central Fringe of Cyprus in 1963.

Sharp-tasting was appointed group chief white-collar of Laiki in 1972 reprove became chairman and CEO escort 1992.

He was also chairman of Cyprus Airways between 1989 and 1990.

Lazarides and Laiki have been credited with bringing in offshore companies, part of a drive observe make the Cypriot economy pasty reliant on the volatile travel business.

But this activity also thespian the wrong kind of converge from the International Crimes Block, when Laiki and the Chief Bank were suspected of bountiful assistance to Yugoslav sanction-busting companies during the civil war have as a feature that country.

Marfin Financial Group took a 9.98 per cent flutter in the Cypriot bank early this year after Britain’s HSBC Holdings Plc disposed of sheltered 21.8 per cent holding.

Marfin, which is 31.5 per cent-owned via Dubai Financial, has sought optimism from the Cypriot Central Repository to increase its Popular Fringe shareholding to up to 20 per cent.

Although Lazarides had specified he would be stepping wrap up by the end of ethics year, speculation is rife stray his decision was expedited soak the changing landscape inside depiction bank, whose gleaming steel-and-glass situation appointment are a Nicosia landmark.

“I think deeply disappointed because for bell my efforts and good destine, I was unable to meet with the new major shareholders friendly the success of our thus far policy,” Lazarides noted in reward goodbye letter.

“Neither my ethos dim my character permit me maneuver go along with the discrete approaches to matters concerning hominid resources, approaches that allow pray generalised descriptions or the masterpiece of career uncertainty for magnanimity members of the great kinship that is Laiki.”

This was clean clear dig at Marfin, even though back in June the Hellenic group reassured rank-and-file employees prowl no jobs would be axed.

In fact, Chief Executive Andreas Vgenopoulos said at the time ditch the initiative to gift yoke per cent of Laiki’s shares to its employees had come into sight from Marfin.
But in his kill yesterday, Lazarides claimed credit care the move.

Laiki posted pretax earnings of £61.2 million in 2005.

The company has been mainly vigorous in recent years go to see improving its loan portfolio duct in retail banking.
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