Bank Of Cyprus Chairman Andreas Artemis Submits Resignation: Source

Source: Bank Of Cyprus Chairman Submits Resignation
A man walks past a Bank Of Cyprus UK branch in northern London, Monday, March 25, 2013. The people with deposits in the UK branches of the bank are protected by UK law.. Cyprus avoided bankruptcy, and potential turmoil across the eurozone was averted, by the country securing a last-minute euro10 billion (US$13 billion) bailout with promises to sharply cut back its oversized banking sector and make large bank account holders take losses to help pay much of the bill. Negotiations into early Monday ended with approval of the deal by the 17-nation eurozone's finance ministers. Without a bailout deal by Monday night, the tiny Mediterranean nation would have faced the prospect of bankruptcy, which could have forced it to become the first country to abandon the euro currency. (AP Photo/Lefteris Pitarakis)
A man walks past a Bank Of Cyprus UK branch in northern London, Monday, March 25, 2013. The people with deposits in the UK branches of the bank are protected by UK law.. Cyprus avoided bankruptcy, and potential turmoil across the eurozone was averted, by the country securing a last-minute euro10 billion (US$13 billion) bailout with promises to sharply cut back its oversized banking sector and make large bank account holders take losses to help pay much of the bill. Negotiations into early Monday ended with approval of the deal by the 17-nation eurozone's finance ministers. Without a bailout deal by Monday night, the tiny Mediterranean nation would have faced the prospect of bankruptcy, which could have forced it to become the first country to abandon the euro currency. (AP Photo/Lefteris Pitarakis)

NICOSIA, March 26 (Reuters) - Andreas Artemis, the chairman of Cyprus's biggest commerical bank, the Bank of Cyprus , has submitted his resignation, a source at the bank said on Tuesday.

"He sent a resignation letter this morning which will be examined by the Board of Directors convening this afternoon," the bank source said, requesting anonymity.

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