John Patrick Hourican

Bank of Cyprus CEO John Patrick Hourican announced on Tuesday he will step down in the summer less than two years into a major restructuring of the island?s troubled largest lender.

Bank of Cyprus said on Wednesday it posted a 256-million-euro loss for 2014, mainly on increased provisions for exposure to Russia.

?The results of the fourth quarter... were negatively affected by increased provisions relating... to impairments in Russia,? CEO John Patrick Hourican said in a statement.

NICOSIA ? Arsonists torched two cars early on Tuesday outside the home of the head of Bank of Cyprus, who has overseen a major restructuring of the island?s largest lender, police said.

John Patrick Hourican ? a former Royal Bank of Scotland senior executive who joined BoC in October 2013 ? was out of the country on business at the time of the arson attack.