Bank of Cyprus extends CEO Panicos Nicolaou's contract until 2031

On October 14, 2026, the boards of directors of Bank of Cyprus Holdings and the Bank of Cyprus reached a formal decision to extend the tenure of group chief executive Panicos Nicolaou. Under the terms of a new amendment to his existing employment contract, Nicolaou will continue to lead the banking group until December 31, 2031.

Nicolaou has served as the group's chief executive since September 2019. This latest move adds three years to his previous tenure, which was set to expire on December 31, 2028, following an extension granted in November 2024. The boards officially confirmed the decision during their meetings held on Wednesday, citing a strategic need for leadership continuity to pursue ongoing institutional objectives. The directors expressed their formal appreciation for Nicolaou's contributions to the group to date and conveyed their support for his continued role.

As the decision has been finalized by both governing boards, the administrative process involves only the execution of the contract amendment. No further investigations or regulatory votes were reported, and the leadership remains stable as the organization moves toward its 2031 goals.