The chairman of the board of directors of , Michalis Sallas,resigned following the bank's extraordinary board meeting, Reuters reportedJuly 20.

According to the report, Sallas said new managers wereneeded to "steer the bank in the new era."

Sallas was unanimously voted an honorary chairman by theboard for his contributions during his 25-year tenure at the bank, the reportadded.

Piraeus Bank said it named Charikleia Apalagaki interimchairman until it elects a new chairman.