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New Board of Directors at Piraeus Bank following a €40 million capital increase
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3rd February 2017

New Board of Directors at Piraeus Bank following a €40 million capital increase

• The Chairman, Dr. Shadi A. Karam, has extensive international experience and expertise  

Prominent personalities with international expertise and experience have been appointed to the Board of Directors of Piraeus Bank (Cyprus) Ltd, following the capital increase of 40 million Euros by a group of investors.
The new Board of Directors will support the Bank’s ambitious plan, which focuses on the significant development of its activities and the provision of new and competitive products and services, thus enhancing the Bank’s position in the Cyprus market.

The new Board of Directors has appointed Dr. Shadi A. Karam as its Chairman.   Dr. Karam takes over as Chairman from Mr Constantinos Loizides, who remains on the Board as non-Executive Director. The Board expressed its thanks to Mr Constantinos Loizides for his chairmanship and also extended warm gratitude and appreciation to the departing Director Mr Takis Clerides for his significant contribution during his tenure.

The composition of the new Board of Directors is as follows:

• Shadi A. Karam   Chairman –  Independent
• Maurice Sehnaoui  Non-Executive Director
• Bassam Diab   Non-Executive Director
• Constantinos St. Loizides Non-Executive Director
• George Liakopoulos  Non-Executive Director
• George Appios   Executive Director – CEO
• Raoul Nehme    Executive Director – Chairman of the Executive Committee
• Marios Savvides   Executive Director – Deputy CEO
• Socrates Solomides  Independent Director
• George Kourris   Independent Director
• Andreas Vassiliou  Independent Director
• Maria Dionyssiades  Independent Director


Dr. Karam is a graduate of the American University of Beirut, Columbia University and Harvard University, USA.

He was Vice-President of Merrill Lynch s.a.m. in Monaco.

He has been Chairman and CEO of several companies in various sectors ranging from textile and apparel to metallurgic industries, hotels, real estate development, financial companies, private equity and commercial banks, in various European countries, GCC countries and in Lebanon.
He was Chairman and General Manager of BLC Bank, Lebanon (2002- 2008), Chairman of BLC Bank, France (2002 – 2009).

He was Senior Economic Advisor of the President of the Republic of Lebanon, General Michel Sleiman for the duration of his mandate (May 2008 to May 2014) and Senior Advisor to the Prime Minister of Lebanon, Mr. Tammam Salam (May 2014 to November 2016).

He is a Board member of several companies and charities as well as the Vice Chairman of the International Chamber of Commerce in Lebanon. He holds several decorations from various countries.

Dr. Karam brings a wide international banking and business experience to Piraeus Bank Cyprus as well as an extensive worldwide network of contacts.