Bank of Cyprus does not accept resignations of chairman and four directors

NICOSIA Wed Mar 27, 2013 5:06am EDT

A man walks outside a closed Bank of Cyprus branch in Athens March 26, 2013. REUTERS/John Kolesidis

A man walks outside a closed Bank of Cyprus branch in Athens March 26, 2013.

Credit: Reuters/John Kolesidis

NICOSIA (Reuters) - Cyprus' largest commercial lender Bank of Cyprus did not accept the resignations of its chairman and four other directors who tried to leave the board on Tuesday after a special administrator was appointed to run the bank.

In a statement, Bank of Cyprus said the resignations of chairman Andreas Artemis and the others had not been accepted and "will only apply if not withdrawn within one week". This gives the directors breathing space to reconsider their decisions, but they can not be compelled to stay on.

A special administrator was app pointed to run the bank on Monday night, after it was saved from collapse by a bailout deal that will see it take on the small deposits of competitor Cyprus Popular Bank.

(Reporting By Laura Noonan; editing by Ron Askew)