Bank CEO changes mind over resignation

The chief executive officer of a bank has back-tracked on his decision to resign and is to sign a new two-year contract.

The Bank of Cyprus said its board of directors has extended the appointment of John Patrick Hourican as group CEO.

The announcement comes despite Mr Hourican’s resignation from the bank in April this year, when he cited personal reasons for his departure and said that he had plans to relocate to his home country of Ireland.

However, the board at the Bank of Cyprus has confirmed that Mr Hourican signed a new two-year contract which will come into effect on 1st February 2016.

A spokesman for the bank said: “The board of directors would like to thank Mr Hourican for his valuable contribution to the group over the past two years and wish him every success in his new term with the group.”

Mr Hourican joined Bank of Cyprus after working at RBS where he served as the Chief Executive of the lender’s investment bank until February 2013.

He resigned following the Libor scandal at RBS even though he had no involvement in or knowledge of the misconduct.