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Hellenic Bank: Oliver Gatzke Retuns To His Duties

Hellenic Bank: Oliver Gatzke Retuns To His Duties

Oliver Gatzke returns to his duties as Chief Executive Officer of Hellenic Bank, following a two-month Board-mandated absence, starting on October 10, 2022, due to statements and actions he had allegedly made, and to ensure the smooth conduct of the investigations surrounding them.

In particular, the reason for Gatzke's suspension was allegations made against him at the 48th annual general meeting of the bank by Nearchos Ioannou, Managing Director of Demetra Holdings Plc, the bank's major shareholder.

According to those allegations, Gatzke, in the context of a meeting between the bank's management and the staff, encouraged them to buy Hellenic Bank's shares as he allegedly stated its share price was undervalued and this would be to their benefit. Dimitra Investment had stated, 'it is not within the authority of the Chief Executive Officer to encourage any employee to buy shares.It is worth noting that the allegations against Oliver Gatzke have been placed under the microscope of the Cyprus Securities and Exchange Commission (CySEC). Following explanations given by both sides, the Board decided to reinstate Gatzke as CEO.

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