The Board of the Cyprus Banks Association (CBA) is set to make two key decisions during its meeting this coming Thursday.

Members will be called to appoint one of four shortlisted candidates—selected through the final interview process—to take over as the Association’s new General Director.

The candidates include:

• Michalis Kronides, Deputy General Director of the CBA

• Kyriakos Iordanous, General Director of ICPAC

• Giannos Koukoularidis, former General Director of the Nicosia Sewerage Board

• Marios Skandalis, Director of Compliance at Bank of Cyprus

As Brief reported on September 14, the Board will also hold elections to choose a new President, following the end of Aristidis Bourakis’ term. Bourakis, the former CEO of AstroBank, will soon assume the role of Chief Executive Officer at Aegean Baltic Bank in Athens.

He remains formally President of the CBA until his successor is elected and is expected to participate in both the selection of the new President and the appointment of the new General Director.

Bourakis also served on the three-member evaluation committee responsible for assessing the final candidates. The other two members were Haris Pouangare, Deputy CEO and Director of Business Operations at Bank of Cyprus, and Haris Hambakis, Deputy CEO of Eurobank.

It should be noted that Hambakis replaced another Eurobank executive who withdrew from the committee after disclosing a conflict of interest, as a close relative had applied for the same position. The withdrawal occurred before the selection process began, demonstrating proper ethical conduct.

As is often the case in Cyprus’ close-knit professional circles, little remains confidential for long. Sources indicate that Michalis Kama, who has served the Association for 32 years—19 of them as General Director—has expressed his personal view on his successor. He reportedly recommended Michalis Kronides, his close associate and long-time colleague, describing him as a top-performing technocrat and logical successor. The CBA staff are also said to support Kronides’ candidacy.

In large organizations, especially abroad, internal candidates who demonstrate equal merit are typically favored for promotion. The reasoning is clear: internal executives possess institutional knowledge, understand the professional environment, are familiar with staff dynamics, and require no adjustment period.

However, the CBA Board appears not to have prioritized this factor, choosing instead to open the position externally for its own reasons.

No one disputes the qualifications of the other three shortlisted candidates—all were convincing in their interviews, as was Kronides. The behind-the-scenes dynamics remain in motion, with the final stance of the major systemic banks—Bank of Cyprus, Eurobank, and Alpha Bank—expected to be decisive.

Smaller banks, according to a senior executive who spoke to Brief, are deferring to the larger players, stating: “It’s up to the big ones. We’ll follow their lead."

Banking insiders note that the institutions are seeking a General Director capable of standing firm—even against ETYK, the powerful bank employees’ union.

However, some suggest that Michalis Kronides may not fit this confrontational mold, describing him as a man of logic and dialogue rather than conflict.

As one observer put it, “The confrontational types are often insecure—they tear down instead of building.”