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#AceNewsReport – ATHENS:May.25: The Greek government named former banker George Michelis as chairman of the country’s bank rescue fund on Monday, which has been without a head since the resignation of both its chairman and chief executive earlier this year.
The Hellenic Financial Stability Fund (HFSF), financed by the country’s bailout package, is the rescue vehicle that recapitalised Greece’s big banks and covered the costs of winding down others deemed non-viable.
Michelis has held a series of posts in the banking industry, including CEO at Bancpost, a Romanian subsidiary of Eurobank, and chief operating officer at Egnatia Bank, where he was a founding member. He also served as the mayor of the island of Skopelos from 2011 to 2014.
The HFSF has been headless since CEO Anastasia Sakellariou was asked to resign after prosecutors ordered her to stand trial for her role in bad loans issued by defunct state lender Hellenic Postbank. Its chairman, Christos Sclavounis, stepped down in March.
(Writing for (Reuters) Deepa Babington; Editing by Pravin Char)
#AceFinanceNews – Featured Report -May.25:Charter Communications Inc is near an agreement to acquire Time Warner Cable Inc for $195 (126 pounds) per share in cash and stock, a person familiar with the matter said on Monday.
Charter will pay $100 per share in cash and the rest in its own stock, the person said.
The deal is expected to be announced on Tuesday, the person said, asking not be identified ahead of any official statement.
Time Warner Cable declined to comment, while Charter did not immediately respond to a request for comment.
Time Warner Cable shares closed Friday at $171.18.
Bloomberg first reported on the deal.