Irish banking executive John Hourican has resigned from his role as chief executive of Bank of Cyprus to return to his home in Dublin where his wife and four young children are based.
Mr Hourican will serve a four months’ notice period with the bank, which is listed on stock exchanges in Cyprus and Athens, before moving back to Ireland.
Speaking to The Irish Times yesterday, Mr Hourican scotched speculation he might be in the frame to become the new chief executive of AIB in succession to David Duffy.
“I am not involved in that process nor am I involved in any process for any job in Ireland at this stage,” he said.
Mr Hourican took on the job with Bank of Cyprus in November 2013 with a view to rebuilding the institution following a national debt crisis on the island. This involved merging with the country’s second-biggest bank, shutting 70 branches with a reduction of 1,450 staff, and offloading most of what he described as the bank’s overseas “misadventure”.
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 passed the European Central Bank's stress tests in October and is examining overseas stock market listing options.
Cyprus challenge
Mr Hourican said he took on the job when Cyprus was in “cardiac arrest” and its financial system had been forced to bail-in depositors: “It was a challenge I though I’d like to have a go at. We have achieved more than I thought we would achieve.”
He added it “just feels like a good time to put a little more balance into my life”.
Mr Hourican said he would look for a role in the “British Isles”, possibly outside banking. “I’m fairly agnostic if its banking or something else but we’ll see.”
The board of Bank of Cyprus expressed its "warmest thanks" to Mr Hourican for his contribution. Last year, he was paid just more than €1 million, including a €111,000 pension contribution. Mr Hourican is a former head of investment banking at Royal Bank of Scotland.
