The Bank of Cyprus has appointed Panicos Nicolaou its new CEO.

According to the board of directors, who made the announcement, Mr. Nicolaou, would be succeeding John Patrick Hourican.

Mr. Nicolaou’s appointment as a serving CEO remains subject to the approval of the European Central Bank (ECB), which once done, will allow him to actively take up his duties.

Mr. Nicolaou has been working for the bank since 2001, and has spent most of the time in the corporate banking division. In June 2016, he was promoted to director of the corporate banking division, and since then has been a member of the executive committee.

He has a BSc in financial services from the UMIST School of Management in United Kingdom, a BSc in mechanical engineering from Metsovio in Greece, as well as MSc in mechanical & industrial engineering from University of Illinois in USA. Besides these, he has been a well-regarded associate member of UK Chartered Institute of Bankers in the United Kingdom since 2004.

Working in the capacity of a CEO-designate till his approval, Mr. Nicolaou will be working closely Hourican to help make sure that the transition will be a smooth one.