Alpha Bank Cyprus on Tuesday announced that its board of directors has decided to appoint Miltos Michaelas as the bank’s new chief executive officer (CEO).
The bank explained that the appointment of Michaelas opens a new chapter for the organisation in the Cypriot market, noting that the new CEO is an “executive who combines extensive international experience in the financial sector with excellent knowledge of the Cypriot economic and business reality”.
In addition, the bank said that the appointment underlines the determination of the shareholders and the board of directors to rapidly implement the organisation’s growth-oriented business plan.
The plan aims at providing modern products and services, further developing corporate banking and supporting the progress of the Cypriot economy.
“We are hailing a new period of extroversion for Alpha Bank Cyprus and its emergence as a key banking partner of the progress of the Cypriot society and entrepreneurship,” Alpha Bank Group CEO Vassilios Psaltis said.
“I am delighted that Miltos Michaelas has accepted our invitation to join Alpha Bank’s Management Team and to contribute to the implementation of our strategic plan for an efficient and profitable Bank,” he added.
Moreover, Psaltis said that Michaelas’ deep knowledge of the Cypriot economy, his proven effectiveness and his strategic approach to the issues pertaining to the transformation of banking institutions “are a guarantee for the growth of Alpha Bank Cyprus”.
Michaelas will assume his new duties, following the approval of his appointment by the European Central Bank, succeeding Konstantinos Koutentakis, who, over the past years, has been instrumental in the transformation of Alpha Bank Cyprus Ltd, having focused on improving productivity, rationalizing costs and remediating its portfolio.
“With his accumulated experience, Koutentakis will support the work of the new management during its initial period and will, subsequently, contribute from a new position of responsibility to the implementation of the Group’s strategic growth plan,” the bank said.
Finally, the bank’s chairman and the board of directors welcomed Michaelas to the Alpha Bank Group, before wishing him every success in his new duties, while, at the same time, expressing their appreciation to outgoing CEO Koutentakis for his contribution to date.
Michaelas graduated from the American Academy in Larnaca and holds a degree in Management & Computer Science from Aston University, as well as an MBA with a specialisation in Financial Services from the University of Nottingham.
Starting at Laiki Bank in 1992, he began a long professional career in the financial industry.
In October 1999 he left Laiki Bank and worked as Chief Financial Officer of the Petrolina Group until 2001.
Subsequently, from 2001 to 2006, he served as General Manager at Laiki Bank in Sydney, Australia.
From 2006 to 2013 he served in various roles leading to the position of General Manager of International & Financial Services at Laiki Bank.
Between 2013-2016 he served as International Operations Advisor to the Bank of Cyprus, and in 2015 he also took over as Head of the newly established Real Estate Management Unit (REMU) of the Bank.
In October 2016, he was appointed Managing Director at the Bank of Sydney, a position he had held until recently, before his return to Cyprus.