Bank of Cyprus fires its CEO Yiannis Kypri

Nicosia (Agencies): The largest commercial lender of Cyprus, Bank of Cyprus, on Wednesday decided to dismiss its chief executive, Yiannis Kypri, on Wednesday. While the bank's chairman Andreas Artemis was submitted his resignation on Tuesday along with four other directors of the bank. The decision to oust the officials follows with the appointment of a special administrator to run the bank as part of bailout agreement among the "troika" � the International Monetary Fund, the European Central Bank and European Union. He was given the reason that, based on the resolution decree recently passed by parliament and upon demands of the troika, an administrator had been appointed at the Bank. While confirming his resignation, he said the he is yet to receive formal letter from the governor of the Central Bank on the matter. However, as per the reports, the Central Bank has already sacked the entire board on behalf of troika.