One More Thing: Hourican wins battle to lead troubled Cypriot bank
It appears to have been the clash of the Irish-connected in the race to land the top job at beleaguered Bank of Cyprus. Irishman John Hourican (43) was this week confirmed as incoming chief executive at the country’s largest financial lender.
The highly regarded former head of Royal Bank of Scotland’s investment bank stood down from his position there last February after the Libor scandal, which saw RBS agree a £390 million settlement. In the process, Hourican gave up £4 million in accumulated bonuses and incentive payments.
Clearly not deterred from a challenge, Hourican threw his hat into the ring for the Bank of Cyprus job and was eventually selected from a shortlist of four. It is believed that his experience in helping to restructure RBS, bailed out by the British government at a taxpayer cost of £45 billion, stood to him .
“Hourican is a dynamic, experienced and recognised professional from the international sector, who is in a position to effectively tackle the challenges faced by the group,” the Financial Times reported Bank of Cyprus chairman Kristis Kasapis as saying.
And whom did he beat to the post? Also on the shortlist was none other than Mike Aynesley, the former group chief executive of IBRC/Anglo Irish Bank and no stranger to restructuring himself.
Aynesley was let go from his position at IBRC also in February when the bank was liquidated.