Bank of Greece management expresses full support for Attica Bank CEO

The management of the Bank of Greece on Monday expressed its full support for Attica Bank CEO Theodoros Pantalakis, who faces possible prosecution over his management of the ATE Insurance company when he was its non-executive president in 2009-2012.

According to the central bank’s announcement, the Attica Bank CEO, who is leading efforts to reform the bank, “enjoys the full support and confidence of the Bank of Greece, even more so since the first results of these reforms are today already apparent.”

Among such reforms were efforts to correct and cure the majority of the weaknesses identified during the recent evaluation carried out jointly by the European Central Bank’s Single Supervisory Mechanism (SSM) and the Bank of Greece, it said.

“Special reference must be made to the implementation of corporate governance rules in the bank’s operation, which is the most important prerequisite for reversing the negative performance of the past,” the central bank’s announcement added.

The announcement was issued in response to press reports claiming that a public prosecutor had initiated proceedings to charge Pantalakis in connection with group insurance policies covering ATE Insurance staff, taken out when he was head of the company.