Cyprus central bank ousts CEO of troubled Bank of Cyprus

NICOSIA (Reuters) - Cyprus's central bank has fired the Chief Executive Officer of the Bank of Cyprus, an official at the island's largest commercial lender said on Wednesday.

It follows the appointment of a special administrator to run the bank, which was saved from collapse this week under a painful European Union bailout for Cyprus. The bank's chairman, Mr Andreas Artemis, submitted his resignation on Tuesday.

An official at the bank, who declined to be named, said local media reports that CEO Yiannis Kypri had been removed from the post were "valid". The source was unable to confirm reports that the central bank had demanded the resignation of the entire board.