Former Royal Bank of Scotland
executive to head Bank of Cyprus
John Hourican, who quit RBS after
it was fined for Libor rigging, now has job of restructuring troubled Cypriot
institution
Jill Treanor
theguardian.com, Tuesday 22
October 2013 18.18 EDT
The Royal Bank of Scotland banker who quit in the wake of the bank's
fine for rigging Libor has a new job as head of troubled Bank of Cyprus.
John Hourican, the former head of
investment banking at RBS, was not
implicated in the rate-rigging scandal which led to a £390m fine for the
bailed-out bank in February, but he left to demonstrate responsibility.
The 43-year-old has the task of
restructuring Bank of Cyprus, which was the first bank in the eurozone to take
a slice of customers' savings as part of the international €10bn (£8.5bn)
bailout of the island.
"The board of Bank of Cyprus
believes this appointment is a key step in restructuring and developing
operations of the bank to benefit shareholders, clients and the economy of Cyprus,"
the bank said, according to Reuters.
At an appearance before the
Treasury select committee after the RBS Libor fine, Hourican said he had told
colleagues "they should not waste my death" and should clean up the
culture of the bank.
He left with a £700,000 payout but
left behind £5m in share bonuses. "I will take the ultimate
responsibility," Hourican said in February.
Bank of Cyprus has also taken on
some of the assets of Cyprus's
second largest bank, Popular. Local reports said the Cypriot bank had a
shortlist of four candidates for the top job at the bank which lost €2.2bn in
2012.
Royal Bank of Scotland Group plc
Royal
Bank of Scotland Group plc is a subsidiary of RBS America.
Note: Lawrence K. Fish was
the chairman for RBS America, and is
an honorary trustee at the Brookings
Institution (think tank).
Foundation
to Promote Open Society was a funder for the Brookings Institution (think tank), and the Committee for Economic Development.
George
Soros is the chairman for the Foundation
to Promote Open Society, and founder & chairman for the Open Society Foundations.
Open
Society Foundations was a funder for the Atlantic Council of the United
States (think tank).
Ellen
Alemany is a trustee at the Committee
for Economic Development, and the CEO for RBS America.
Stuart E.
Eizenstat is a trustee at the Committee
for Economic Development, a director at the Atlantic Council of the United States
(think tank), and was the U.S.
ambassador for the European Union.
C.
Boyden Gray is a director at the Atlantic
Council of the United States
(think tank), and was the U.S.
ambassador for the European Union.
Cyprus
is a member state of the European Union.
Central
Bank of Cyprus is the central bank for Cyprus.
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