The chief executive of Bank of Cyprus has resigned, criticizing a lack of coordination in dealing with Europe's banking crisis.
Unable to meet core tier 1 capital requirement, the bank had sought for a state bailout package, amidst mounting debt as well as non-performing assets on both domestic and offshore fronts, as reported by Reuters.
Suffering a record loss in 2011 as a result of a writedown in the portfolios of Greek sovereign debt, BOC had asked for EUR500m.
The Cyprus government was unable to provide the fund required to manage the capital adequacy set out by the regulators leading the bank to request monetary rescue from international community.
Andreas Eliades served the bank as chief executive officer for eight years and was involved in leading the bank’s foray into neighboring Greece, where the lender is now heavily exposed to its debt pile.