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The Bank of Cyprus (BoC) has announced the resignation of two of its board members this week, Xanthos Vrachas and Konstantinos Katsaros.

The resignations will become effective upon their acceptance by the board or within seven days from their submission, if not withdrawn.

In response to the bank’s recent share capital increase, CBC Governor Chrystalla Georghadji recently issued a letter to the BoC’s board, requesting that is dissolve itself and call a General Assembly imminently so that a new Board can be chosen.

Subsequently, the bank’s AGM has been scheduled for November 20. 

New shareholders of the bank will participate in the AGM for the first time. 

American billionaire investor Wilbur Ross and hedge fund Tyrus Capital, which now control a combined 22% of BoC, have already proposed 10 individuals for the new board, Wilbur Ross including himself, Dr. Josef Ackermann, Vladimir Strzhalkovskiy, Arne Berggren, Maksim Goldman, Marios Kalochoritis, Christakis Patsalides, Michael Spanos and Ioannis Zographakis.