Bank of Cyprus (BoC) has extended the tenure of group chief executive Panicos Nicolaou until December 31, 2031, following a decision by the boards of BoC Holdings at their respective meetings on Wednesday.

According to the bank’s announcement, Nicolaou will sign an amendment to his existing employment contract, formally extending his appointment until the end of 2031.

The decision follows an earlier extension approved in November 2024, which had secured his position until December 31, 2028.

Nicolaou has served as group chief executive since September 2019, with the latest decision extending his leadership of the banking group for a further three years beyond the previously agreed expiry date.

The boards also expressed their appreciation for his contribution to the group during his tenure and wished him continued success in his extended term.