The Association of Cyprus Banks (ACB) on Thursday announced that Panicos Nicolaou, chief executive officer at the Bank of Cyprus, has been appointed as its new president following the most recent meeting of board of directors.

Demetris Shacallis, chief financial officer at Eurobank, has been appointed vice-president.

According to the association’s statutes, both the president and vice-president will serve a two-year term.

The change in leadership follows the departure of former president Aristidis Bourakis, who stepped down after taking on new professional responsibilities.

In its statement, the Association of Cyprus Banks thanked Bourakis for his contribution and wished him “every success in his future endeavours”.

The association also extended its “best wishes to the new leadership of the board, expressing confidence that it will continue to represent and strengthen Cyprus’ banking sector effectively“.