October 6, 2014 / 3:41 PM / 6 years ago

Ex-Deutsche Bank CEO nominated as Bank of Cyprus chairman

NICOSIA, Oct 6 (Reuters) - Former Deutsche Bank CEO Josef Ackermann has been nominated as chairman of Bank of Cyprus , its U.S. based investors Wilbur Ross and Tyrus Capital said on Monday.

Ackermann’s nomination will be put to an annual general meeting on Nov. 20, along with a list of nominees for other positions on the bank’s board including Wilbur Ross and the present Bank of Cyprus vice-chairman Vladimir Strzhalkovsky.

Bank of Cyprus was forced to recapitalise by seizing a large percentage of major clients’ deposits in early 2013 so Cyprus could qualify for a 10 billion euro ($13 billion) international bailout.

Despite that upheaval, the bank managed to raise 1 billion euros in private placements in July.

In a statement, Wilbur Ross and Tyrus Capital said the board appointments would be subject to approval by the Cypriot central bank.

1 US dollar = 0.7952 euro Reporting By Michele Kambas; editing by David Clarke

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