NICOSIA, Cyprus (AP) The largest bank in financially struggling Cyprus has named former senior Royal Bank of Scotland official John Patrick Hourican as its new chief executive officer.
Hourican's appointment Tuesday comes at a challenging period for the Bank of Cyprus, which is being restructured and dealing with a growing number of bad loans.
The bank was at the center of Cyprus' international bailout by its eurozone partners and the International Monetary Fund in March.
Cyprus received a 10 billion ($13.67 billion) euro loan, but uninsured depositors in its two biggest banks were forced to take huge losses on their savings.
Laiki Bank, the country's second-largest, was closed and parts of it were absorbed by Bank of Cyprus.