Last updated: September 10. 2013 3:37PM - 469 Views
Associated Press

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(AP) Shareholders of Cyprus' largest bank have elected six Russians to sit on its new, 16-member board of directors.

Tuesday's vote puts more foreign nationals on the board of the Bank of Cyprus than ever before.

The significant Russian representation on the board of the bailed-out bank is a consequence of the multibillion euro financial rescue package that Cyprus agreed with its Eurozone partners and the International Monetary Fund in March.

In exchange for a 10 billion euro ($13.2 billion) loan, depositors with over 100,000 euros in the Bank of Cyprus, and the second-largest lender Laiki, took huge losses on their savings.

Russians kept billions in Cypriot bank accounts.

Under the terms of the bailout, 47.5 percent of uninsured savings in the Bank of Cyprus were converted into shares.

Associated Press
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