Irish man John Hourican named ‘banker of the year’

Outgoing Bank of Cyprus chief executive John Hourican, who is set to return home to Dublin shortly having resigned from the position, has been named 'Banker of the Year' at the 2015 Euromoney awards.

In addition, Bank of Cyprus picked up a gong for best bank in Cyprus at the prestigious award ceremony.

Mr Hourican, who joined the bank in November 2013 with a view to rebuilding the institution after the recent debt crisis on the island, announced in April he had resigned and was to return back to Ireland after serving a four-month notice period.

During Mr Hourican's tenure, Bank of Cyprus merged with the country's second-biggest lender Laiki Bank, shut 70 branches with a reduction of 1,450 staff, and offloaded most of its overseas assets.

It has also repaid €4.5 billion of the €11 billion of emergency liquidity it received, returned to profitability, and raised new equity, including from former Bank of Ireland investor Wilbur Ross. The bank also passed the European Central Bank's stress tests in October.

“I am delighted to receive this prestigious award, and that the bank’s pre-eminent position in Cyprus has been recognised. These awards honour the extraordinary efforts of the wider management team, and all the employees of Bank of Cyprus, in stabilising Cyprus’ leading financial services group. This work, notably the €1 billion equity capital raising last summer, has also contributed to the restoration of Cyprus’ reputation with international investors,” said Mr Hourican.

Founded in 1899, Bank of Cyprus, which employs 6,715 staff, operates through a total of 259 branches, half of which are on the island.

At the end of March, the group’s total assets amounted to €26.7 billion and total equity was €3.5 billion.