Cyprus’ bid for the presidency of the European Banking Authority has received backing from the finance ministry, which has been actively backing the candidacy of Constantinos Herodotou, it emerged on Wednesday.

According to Politis, the former Central Bank of Cyprus (CBC) governor has made it into the final two candidates for the top post at the EU banking watchdog.

The Cypriot daily added that Herodotou’s candidacy is being actively promoted by Finance Minister Makis Keravnos, who has been contacting counterparts across the bloc in support of the Cypriot bid.

The final appointment will be decided at COREPER, the committee of permanent representatives of EU member states in Brussels, following Herodotou’s strong performance at the European Parliament.

Although he finished second to his French rival in the parliamentary stage, he secured enough votes to keep the process open, preventing the selection from being concluded at that point.

His opponent is Francois-Louis Michaud, a French national who currently serves as executive director of the European Banking Authority, with France keen to retain the post.

Despite the momentum behind the Cypriot bid, the effort remains challenging, as France is determined to secure the presidency of the authority.

Herodotou has become the first Cypriot to reach the final stage of the selection process for one of the EU’s most influential financial supervisory roles.

He advanced through four competitive rounds, with ten candidates progressing past the first stage, six remaining after the second, and only two reaching the final shortlist.

The European Banking Authority, which is headquartered in Paris, is an independent EU body responsible for banking regulation across the bloc and is widely known for conducting Europe-wide stress tests.

The selection process began in November, following the resignation of Spaniard Jose Manuel Campa in September, and has now entered its final political phase.

The final decision will be formally ratified by the European Parliament, marking the conclusion of a months-long process involving both technical and political scrutiny.

Although Herodotou entered the race as an outsider from a smaller EU member state, his presence in the final duo is already viewed as a milestone for Cyprus.

Regardless of the outcome, his candidacy represents the closest a Cypriot has come to leading a European supervisory authority.

Herodotou’s experience spans central banking and the private sector, and he currently serves as chairman of the board of Greek CrediaBank.

His previous role as a participant in European Central Bank governing bodies is also seen as strengthening his profile within EU institutions.

Observers point to his professional standing and reputation across Europe as important assets in the final decision.

The last stage of the process is unfolding in Brussels, where candidates appeared before the European Parliament’s Committee on Economic and Monetary Affairs for hearings with political group leaders.

A separate hearing with representatives of EU finance ministries is also taking place as part of the final evaluation.

Established in 2011, the European Banking Authority plays a central role in safeguarding the stability and proper functioning of the EU banking system.

Its mandate includes developing a single regulatory framework for banks, issuing technical standards on capital, liquidity and risk management, and coordinating stress tests during periods of financial strain.

The authority also works to harmonise supervisory practices across member states and strengthen consumer protection throughout the European Union.