Issue 61 pages 1 11

Gold ISSUE 61 april 17, 2016 PRICE â‚Ź3.00

t h e

b u s i n e s s

m a g a z i n e

o f

c y p r u s

John Hourican and Bert Pijls

The dynamic duo of the Cyprus banking sector

Brothers

in Arms 00001 >

5 291 295 0 00 577

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34 | GOLD | The Business Magazine of Cyprus @2016 FXTM

ISSUE 61 APRIL 17, 2016

T H E

B U S I N E S S

M A G A Z I N E

O F

C Y P R U S

| COVER STORY |

n October 2013, the Independent Commission on the Future of the Cyprus Banking Sector published its final report, which began: “Over the last three years, the Cyprus banking system has suffered a series of disasters which have transformed what was once a large and prosperous industry into a national catastrophe.”

It went on to note that “urgent work is now underway to repair the damage, much of it under the terms of the Memorandum of Understanding (MoU) reached by Cyprus with the Troika of the EU, the ECB and the IMF as a condition for a €10bn loan in March 2013,” describing how the country’s two largest banks had been merged and recapitalised, the co-operative sector had been restructured with an emergency capital injection of €1.5 billion, and what it called “important improvements” were being made to the country’s supervisory system.

The report found that the Cyprus banks’ downfall was caused by the interplay of a number of factors and failures, some of them outside Cyprus’ control, but many within it. The most significant internal cause was identified as “a failure at the national policy level to appreciate that running a big banking industry involves risk as well as reward. The public attitude was that the banks were doing a good job of supporting economic growth and that the international business they brought added to the nation’s wealth.

Insufficient attention was paid to the fact that the banks were acting imprudently and that the international business was resulting in serious domestic imbalances, or to how any potential shocks might be handled.”

Into this bleak recession landscape, two experienced non-Cypriot Chief Executive Officers were brought in order to restore confidence and stability to the two leading banks and to resolve the many internal issues that had led to the 2013 meltdown. In separate exclusive interviews on the following pages, John Hourican, CEO, Bank of Cyprus, and Bert Pijls, CEO, Hellenic Bank, reveal the challenges that faced them when they took up their new posts, their progress to date, their priorities for 2016, how they are dealing with the non-performing loans problem, banking in the digital era, the prospects that the reunification of the island will bring, and more.

IN ARMS JOHN HOURICAN AND BERT PIJLS The dynamic duo of the Cyprus banking sector

By John Vickers | Photography

by Jo Michaelides

BERT PIJLS Before being appointed CEO of Hellenic Bank in November 2014, Bert Pijls was Managing Director, Customer Services & Commercial of British Gas (2012-2014), Managing Director, EMEA Consumer Business Development & Re-engineering at Citigroup (2011-2012) and CEO of Egg Banking plc (2008-2011).

JOHN HOURICAN Before being appointed as Group CEO of Bank of Cyprus in October 2013, John Hourican served as Chief Executive of the RBS Group’s Investment Bank (Markets & International Banking) (2008-2013). In 2007-2008, he was Chief -PUHUJPHS 6ɉJLY VM ()5 AMRO Group.

CONTENTS

I

BROTHERS

COVER

STORY

28 | Brothers in Arms 1VOU /V\YPJHU *,6 )HUR VM *`WY\Z HUK )LY[ 7PQSZ *,6 Hellenic Bank, reveal the challenges that faced them when they took up their new posts, their progress to date, their priorities for 2016, banking in the digital era, the prospects that the YL\UPÄJH[PVU VM [OL PZSHUK ^PSS bring and more.

6 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the past month.

12 | MY WAY

Alex Hooft van Huysduynen’s management style.

14 | FIVE MINUTES WITH… Schulz

Martin

16 | THEY SAID WHAT?

This month’s memorable utterances by Cypriots in the public eye.

OPINION 22 | STRONGER, SAFER AND BETTER OFF

By Ric Todd

48 | PHARMACEUTICALS MANAGEMENT

By Kyriakos Mikellis

FEATURES 18 | A GREAT AND COMPLEX PLACE

Interview with US Ambassador Kathleen Doherty

18

24 | CRIMINAL MINDS

Constantinos Constantinides on what the Constanteion Criminology and Forensic Sciences Research Centre has achieved.

86 IS I

TH E AIR N

SPECIAL ADVERTISING SUPPLEMENT 1 51 | Companies Involved in the Investment Funds Sector Fourteen companies present their products and services in detail.

42 | KEEPING EVERYTHING

ABOVE BOARD Simon Walker, Director General of the Institute of Directors, on his work and the multiple challenges facing business around the world.

42

92

50 | THE 6TH NICOSIA 86 | LOVE IS IN THE AIR 45 | SHIPPING INDUSTRY GALA ECONOMIC CONGRESS Maria Christodoulou on how Details of the May 17 event.

46 | HOW TO LEAD IN HIGH TURBULENCE )` ;H^ÄR 1LSHZZP

49 | INTERNATIONAL FUNDS

SUMMIT Meeting on “Bridging the Gap Between Europe, the Middle East, Africa and Asia”.

her Selective Matches service Looking ahead to the SLHKPUN ÄUHUJPHS LJVUVTPJ JHU OLSW WYVMLZZPVUHSZ ÄUK H SPML partner. event in the capital.

82 | A NEW CHAPTER

BEGINS Gregory Dellas explains the purpose of the newly founded ACAMS Cyprus Chapter.

4 | GOLD | The Business Magazine of Cyprus

88 | MY COLLECTION

92 | LUNCH WITH

GOLD 7OPSPW ]HU +HSZLU *,6 MTN Cyprus Ltd

95 | WHAT’S ON

Angelos Tsirides and the world of fossils.

Gold’s guide to the best cultural events of the coming month.

91 | BOOKSHELF

98 | A DAY IN THE LIFE

Five of the best new business titles.

Eleana Spyris

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| EDITORIAL |

GOLD

A Time for Heroes

ISSUE 61 APRIL 17, 2016 PRICE €3.00

T H E

B U S I N E S S

M A G A Z I N E

O F

C Y P R U S

JOHN HOURICAN AND BERT PIJLS

The dynamic duo of the Cyprus banking sector

BROTHERS

IN ARMS 00001 >

5 291295 000577

PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

O

“

George Michail

GENERAL MANAGER

Daphne Roditou Tang

ver the last three years, the Cyprus banking system has suffered a series of disasters which have transformed what was once a large and prosperous industry into a national catastrophe.”

So began the final report by the Independent Commission on the Future of the Cyprus Banking Sector, published in October 2013, six months after the €10 billion bailout of the economy, the resolution (i.e. closing down) of the country’s second largest bank, a bail-in of its deposits and those of Bank of Cyprus customers, and a two-week period when all the island’s banks remained closed. Three years on, not a day goes by without a mention in the media of the 2013 crisis, whether it be in relation to ongoing investigations into the causes of the banking sector collapse, the continuing trial of senior Bank of Cyprus officials, discussions in the House of Representatives, efforts to bring others to justice and demonstrations by those who lost their savings. By any standards, it was a bad time for everyone.

No-one has yet made a movie based on Cyprus’ 2013 experience but, if it ever happens, you can be sure that two of the heroes arriving on the scene in the nick of time to save the day will be the men on this issue’s cover: John Hourican and Bert Pijls. They may not resemble super-heroes or even traditional Wild West heroes but saviours they surely are.

These two shrewdly appointed foreigners (from Ireland and the Netherlands respectively) have quietly made their mark on their banks (Bank of Cyprus and Hellenic Bank), bringing them back from the brink of disaster and transforming them into healthy financial institutions with steadily improving reputations.

Messrs. Hourican and Pijls have proved quite elusive to Gold since their arrival but I’m delighted that we finally persuaded them to respond to questions in the two interviews that make up this month’s cover story (page 28). I believe you will find their answers revealing and extremely interesting.

This month we also spoke to Kathleen Doherty, the recently-appointed American Ambassador to Cyprus (page 18), Simon Walker, Director General of the Institute of Directors (page 42), Constantinos Constantinides, Head of Research at the Constanteion Criminology and Forensic Sciences Research Centre (page 24), and Gregory Dellas, Chair of the newly established Cyprus Chapter of ACAMS (page 82). Add to this a fascinating article by Tawfik Jelassi, the Tunisian Minister of Higher Education, Scientific Research, and Information & Communication Technologies during the transitional technocratic government in 2014-2015 John Vickers, following the Arab Spring revolution, plus all our usual features Chief Editor and more, and I am sure you will find this issue of Gold one of our best yet. Happy Easter! john@imhbusiness.com

6 | GOLD | The Business Magazine of Cyprus

MEDIA MANAGER

Elena Leontiou

EDITOR-IN-CHIEF

John Vickers

JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Tina Adamidou, Amalia Hadjipapa, Tawfik Jelassi, Kyriakos Mikellis, Andrestinos Papadopoulos, Ric Todd PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou PHOTOGRAPHY

Jo Michaelides, Harris Kyprianou MARKETING EXECUTIVE

Kevi Chishios

SALES MANAGER

Irene Georgiou

SALES EXECUTIVE

Stavros Epifaniou

OPERATIONS MANAGER

Voulla Nicolaou

SUBSCRIPTIONS

Myria Neophytou PRINTERS

Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com

BUSINESS BRIEFING ENERGY

Third round for oil and gas drilling bids

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IN THE NEWS

Egy EgyptAir flight hijacked to Larnaca Cyprus was on the world’s front pages last month, following a hijacking that diverted a domestic Egyptian flight to Cyprus.

EgyptAir fight MS181, carrying 72 passengers and crew, was taken over by Seif Eldin Mustafa, who appeared to be wearing a suicide explosive belt, soon after taking off from Alexandria.

The belt later proved to be fake. Everyone on board was eventually freed unharmed and the hijacker’s motives remained unclear – he claimed that he wanted to see his ex-wife and children in Cyprus but also made demands about freeing female prisoners in Egypt. On 6 April, the Ministry of Justice approved an order to extradite the hijacker back to Egypt.

CYPRIOT LAWYER WINS EU PRIZE FOR LITERATURE AWARD

Limassol lawyer Antonis Georgiou was among the 12 winners of the European Union Prize for Literature, announced on April 5 by Tibor Navracsics, European Commissioner for Education, Culture, Youth and Sport. Georgiou, author of the book An Album of Stories, was named as one of the year’s emerging authors. Although Georgiou studied law, he also holds an MA in theatre studies and has written a number of short stories, poems and plays. Each winner of the European Union Prize for Literature receives €5,000 HUK [OL H\[OVYZ ILULÄ[ from extra promotion and international visibility at Europe’s major book fairs, including Frankfurt, London and Paris.

8 | GOLD | The Business Magazine of Cyprus

STATISTICS

FORD

SHOPPING

SHOP HOURS FREE-FOR-ALL

T

wo court decisions last month on shop opening hours have resulted in total liberalization of the market, leaving stores of all types and sizes to implement their own timetables. The Nicosia district court ruled recently that the law preventing supermarkets from opening on Sundays was unconstitutional, according to a previous Supreme Court ruling, according to which the House of Representatives had no jurisdiction over the issue. The House, nonetheless, passed a new law, which President Anastasiades then appealed. The Supreme Court eventually dismissed the appeal on a technicality because it had not been filed on time, leaving the supermarkets, large stores and many consumers happy that they can now shop seven days a week.

REAL ESTATE

ARISTO DEVELOPERS OPENS EGYPT OFFICE

A

risto Developers established a new 9LWYLZLU[H[P]L 6ɉJL PU *HPYV ,N`W[ SHZ[ TVU[O THYRPUN HUV[OLY TPSLZ[VUL PU P[Z NSVIHS I\ZPULZZ VWLYH[PVUZ *VTTLU[PUN VU [OL JVTWHU`Z L_WHUZPVU (YPZ[V *OHPYTHU HUK *,6 ;OLVKVYVZ (YPZ[VKLTV\ ZHPK ¸;OL UL^ VɉJL ^OPJO OHZ ILLU LZ[HISPZOLK PU SPUL ^P[O V\Y J\Z[VTLY VYPLU[LK Z[YH[LN` PZ IVSZ[LYLK ^P[O L_WLYPLUJLK WYVMLZZPVUHSZ [V TLL[ J\Z[VTLY ULLKZ >L ILSPL]L [OLYL PZ Z[PSS [YLTLUKV\Z VWWVY[\UP[` [V IL [HWWLK 6\Y LUOHUJLK WYLZLUJL ^PSS further enable us to position ourselves as a leader in [OL *`WY\Z WYVWLY[` PUK\Z[Y` IYPUNPUN \Z JSVZLY [V V\Y L_PZ[PUN HUK WV[LU[PHS JSPLU[Z HUK V\Y UL[^VYR VM HZZVJPH[LZ HJYVZZ ,N`W[ HUK IL`VUK š

tops car registrations so far

T

he automotive industry in Cyprus continues to show an upward trend in sales. During the first two months of 2016, Ford recorded the highest car sales in Cyprus with 366 registrations, while Nissan came second (291), followed

by Kia (270), Toyota (226) and Volkswagen (145) registrations. Pilakoutas Group, which imports Nissan, BMW, Land Rover and Mini, remains the leader for car sales in Cyprus with 504 sales, while Michaels Automotive, Ford representative in Cyprus, is second with 366 registrations.

TOURISM

revenue rises 2.5% in January

R

evenue from tourism rose by 2.5% in January, to â‚Ź29.1million.

While the number of tourists who visited Cyprus in January rose by 16%, the more modest increase in revenue was due to a shorter time spent here, combined with a drop in average spending per visitor. The average length of stay in January was 9.9 days compared to 11.4% in January 2015. On average, every tourist spent â‚Ź598.39 in the first month of the year, a 12% drop compared to 2015.

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www.jordanstrustcompany.com www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING

NEW TO CYPRUS Alpha TV Cyprus

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Apple Store

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APPOINTMENTS

TECHNOLOGY

Endometriosis Centre Cyprus

Jamieโ s Italian

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GOVERNMENT TO INTRODUCE E-PETITIONS

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DESPINA PANAYIOTOU THEODOSSIOU

he Limassol-based Tototheo Group, a T leading provider of satellite communications for the global shipping industry, has

announced the appointment of Despina Panayiotou Theodossiou as joint Managing Director. In addition to her new duties, she remains responsible for the Corporate Strategy, Finance and Commercial matters.

ANDREAS MICHAELIDES

lpha Bank Cyprus Ltdโ s Board of DiA rectors unanimously elected Andreas Michaelides as Chairman of the Board of

Directors of Alpha Bank Cyprus Ltd. In March, following the resignation of Spyros Filaretos. Andreas Michaelides has a long career in the accounting, auditing and finance sectors.

10 | GOLD | The Business Magazine of Cyprus

CYPRUS INSTITUTE LAUNCHES LINEAR FRESNEL SOLAR ENERGY SYSTEM

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ฤ ฤ

THIS IS THE NUMBER OF UNEMPLOYED PEOPLE IN CYPRUS IN MARCH 2016. WHEN THE FIGURE IS SEASONALLY ADJUSTED, IT FALLS TO 40,079, WHICH IS 11% BELOW THE RESPECTIVE 2015 FIGURE, ACCORDING TO CYSAT. THE FALL IN THE NUMBER OF REGISTERED UNEMPLOYED IN MARCH IS MAINLY DUE TO A DROP IN THE NUMBER OF JOBLESS PEOPLE IN THE CONSTRUCTION INDUSTRY AND SERVICES SECTOR, WHOSE NUMBERS DECREASED BY 1,153 AND 785 RESPECTIVELY COMPARED TO MARCH 2015.

THE MARSHALL ISLANDS MILESTONES

AVIATION

Corporate Registry

ELLINAIR TO START LARNACA-THESSALONIKI FLIGHTS ÖL SHIPPING GROUP

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UNIVERSITY OF CYPRUS AMONG WORLD’S BEST

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