Long-serving bank of Sydney CEO, Miltos Michaelas, will be departing Australia to return to Cyprus in June 2023, the bank has announced.
Following an earlier tenure in the position between 2001 and 2006 (then Laiki Bank), Michaelas had returned from Cyprus to Australia in 2016 assuming the role once again and guiding the bank in its the digital era transition.
“Miltos successfully led the Bank through one of its largest transformational periods, the products of which will be continued and sustainable organisational growth. The Board conveys to him and his wife Despo its deep appreciation for all that has been achieved and wishes them well on their return to Cyprus,” said the Bank’s Chairman, Nicholas Pappas praising Michaelas’ “unwavering dedication and service”.
A focus on automation-digitisation and driving internal efficiencies has been at the core of Michaelas’ work in shaping the bank’s long-term strategic plan.
The outgoing CEO spoke of right timing for the move.
“There is a strength in Bank of Sydney’s Board, Executive, people and operational capabilities. Bank of Sydney is in a strong position to achieve growth, and the timing is right for me to now focus on my family overseas.”
The bank’s Board and Executive team stated it was committed to delivering a seamless transition, with the banking institution thanking Michaelas for his service.
