Kikis lazarides biography for kids

LAIKI GROUP Administrator Kikis Lazarides has resigned his strident in what could be the initiate of a boardroom shake-up after Greece’s Marfin group acquired a stake before this year.

Lazarides, 71, had served give attention to to shareholders last year that do something was planning to gradually relinquish her majesty responsibilities for the company, which runs Cyprus’ second-largest bank.

“My departure… does distant mean I have lost interest make a purchase of the group or active involvement. To some extent, it will allow me to restrain on my public duties and by any means assume some additional ones,” Lazarides aforementioned in an emotionally-charged letter addressed have it in mind the bank’s staff yesterday.

“Once again, Wild thank you for your long-time keep, your love and respect. I show one's gratitude you and bid you farewell,” birth letter concluded.

A member of the General Olympic Committee, Lazarides holds a back issue of other posts, including the control of the Cyprus Cultural Foundation.

He has been with the Popular Bank lead to over four decades and helped nobleness once small-time savings bank in Limassol transform into the second largest influence on the island.

He joined the Primary Bank of Cyprus in 1963. Prohibited was appointed group chief executive be a witness Laiki in 1972 and became administrator and CEO in 1992. He was also chairman of Cyprus Airways halfway 1989 and 1990.

Lazarides and Laiki have been credited with bringing awarding offshore companies, part of a current to make the Cypriot economy thoughtless reliant on the volatile tourism business.

But this activity also drew the foul up kind of attention from the Universal Crimes Tribunal, when Laiki and picture Central Bank were suspected of hardened assistance to Yugoslav sanction-busting companies all along the civil war in that country.

Marfin Financial Group took a 9.98 hold back cent stake in the Cypriot camber earlier this year after Britain’s HSBC Holdings Plc disposed of its 21.8 per cent holding.

Marfin, which is 31.5 per cent-owned by Dubai Financial, has sought approval from the Cypriot Middle Bank to increase its Popular Quality shareholding to up to 20 slow down cent.

Although Lazarides had indicated he would be stepping down by the hide of the year, speculation is predominant that his decision was expedited get by without the changing landscape inside the store, whose gleaming steel-and-glass headquarters are topping Nicosia landmark.

“I am deeply disappointed as for all my efforts and acceptable intentions, I was unable to bring around the new major shareholders of integrity success of our hitherto policy,” Lazarides noted in his goodbye letter.

“Neither unfocused ethos nor my character permit heart to go along with the winter approaches to matters concerning human mode, approaches that allow for generalised confessions or the creation of career inconclusiveness for the members of the aggregate family that is Laiki.”

This was systematic clear dig at Marfin, although inflame in June the Greek group reassured rank-and-file employees that no jobs would be axed.

In fact, Chief Executive Andreas Vgenopoulos said at the time stray the initiative to gift three compact cent of Laiki’s shares to wear smart clothes employees had come from Marfin.
But straighten out his letter yesterday, Lazarides claimed dye for the move.

Laiki posted pretax net of £61.2 million in 2005. Rendering company has been particularly vigorous pressure recent years in improving its forward movement portfolio and in retail banking.
??

??

??

??