HFSF, NBG agree to stop wrangling

9 December 2016
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The Hellenic Financial Stability Fund and National Bank of Greece on Thursday announced they had reached an agreement to end their dispute over the appointment of the lender’s new president.

The joint statement by the HFSF and NBG noted that the agreement “confirms the commitment for constructive cooperation, thereby contributing toward the stability and growth of the Greek banking system.” It added that “the two sides cooperated closely to overcome the crisis, aiming at the best possible solution for the bank and the economy in general.”

With the solution of the problem related to its presidency, the country’s oldest lender will be able to focus on supporting the real economy and implementing the group’s restructuring without distractions.

Sources say the agreement provides for the election of a new board member that the HFSF will propose and who will undertake the role of the bank’s alternate chief executive officer. If this information is correct, then one of the bank’s two existing alternate chief executives will have to resign from the governing board, which can only have up to three executive members.

At a later stage, likely during the bank’s general shareholders meeting, the president of the lender, Takis Thomopoulos, will tender his resignation and a new president will be elected with the new procedure agreed. Notably, the two board members who are representatives of the employees will also resign as they do not fulfill the requirements of the law. One of their successors will be recommended by the HFSF.

To adhere to the letter of the law, as the European Central Bank’s Single Supervisory Mechanism has demanded, the procedure for the full reform of the board will be completed before the end of next month.

Meanwhile, the process for the selection of the new chief executive officer at Piraeus Bank has entered its final stage, as the committee for the selection of new board members yesterday drafted a short list of four candidates.

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