Gatzke is in the clear at Hellenic Bank
Oliver Gatzke, the chief executive officer of Cyprus-based Hellenic Bank, has been cleared of any suspicious activity, according to the Cyprus Securities and Exchange Commission (CySEC).
The commission’s board has rejected the claims of potential stock price manipulation of Hellenic Bank. CySEC sources stated that there is “no issue that warrants further investigation.”
At the same time, Hellenic Bank has been made aware of this development. The German banker’s future at the bank no longer depends on a decision by the Cyprus Securities and Exchange Commission, which would have a catalytic effect on the outcome. The next steps on whether he stays or goes will be purely a Hellenic Bank decision.
Gatzke has been out of office since mid-October, when, following speeches by Hellenic Bank’s CEO and CFO, Demetra Holdings CEO Nearchos Ioannou took the floor and harshly criticized the bank’s performance.
A senior executive of Hellenic Bank is alleged to have encouraged staff to purchase shares in the lender, according to Ioannou, who heads the former major shareholder of Hellenic.
