Panicos Nicolaou
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National Technical University of Athens
University of Illinois at Urbana–Champaign
Panicos Nicolaou | |
|---|---|
 | |
| Education | School of Management, UMIST National Technical University of Athens University of Illinois at Urbana–Champaign |
| Occupation | Banker |
| Title | CEO, Bank of Cyprus |
| Term | September 2019- |
| Predecessor | John Hourican |
Panicos Nicolaou is a Cypriot banker, who has been the chief executive officer (CEO) of Cyprus’ biggest bank,[1] the Bank of Cyprus, since 2019.
He holds an MSc in Mechanical & Industrial engineering from the University of Illinois at Urbana-Champaign, US, and a BSc in mechanical engineering from the National Technical University of Athens (Metsovio). He also holds a BSc in financial services from the School of Management of The University of Manchester Institute of Science and Technology (UMIST), UK.[2][3]
Career
Nicolaou joined the bank in 2001, mainly holding positions within the corporate banking division. He served as client relations officer and then as manager of the restructuring and recoveries division. In June 2016, he was promoted to director of corporate banking, and was also appointed as a member of the bank's board of directors.
He was responsible for the supervision of the bank's corporate banking centres throughout Cyprus, the international corporate banking centre, and international operations, as well as the bank's factoring unit. Under his supervision, the bank's corporate banking division served over 2,500 corporate clients across key sectors of the economy.
He has been Bank Cyprus’ CEO since 2019, succeeding John Patrick Hourican, while he is an executive member of the bank's board of directors. Thanks to the bank's positive performance during his time as CEO, the board of directors decided to extend his term until December 2028, ensuring continued leadership stability for the bank. The decision followed the announcement of the bank's strong financial results, with a profit of €401 million for the first nine months of 2024, marking one of the institution's most successful periods in recent years. At the same time, the bank return to meaningful dividend payments to its shareholders. For 2024, the bank has announced its intention for a 50% payout ratio. Additionally, the bank expects to achieve mid-teens ROTE over the medium term on normalized rates at 2%-2.5%. These results underscore Nicolaou's effective strategic direction, including cost optimization and risk management efforts.