New Central Bank of Cyprus Governor Constantinos Herodotou who will take up his duties on April 11 faces two main challenges: reducing red loans and the ongoing tight supervisory framework set by the Single Supervisory Mechanism.
The announcement was made yesterday, Thursday, as central banker Chrystalla Georghadji’s term expires shortly.
His appointment is seen by many observers as a natural development as he has been the second in command at the supervisory authority in recent months, particularly after the departure of the second executive director George Syrihas.
Herodotou graduated from University College London (UCL) in 1996 with a BSc in economics (First Class Honours and university award). In 2001, he graduated with distinction from London Business School with an MBA in management (top 10% of his graduating class).
He then worked for UBS Investment Bank in London, rising to become manager there for shipping for Europe, Middle East and Africa and head of project financing for Central and Eastern Europe.
He has extensive experience in leading complex negotiations, mergers and acquisitions, listing of companies (NASDAQ and NYSE), bank financing and bonds, company and financial restructuring and project financing.
He was appointed privatisation commissioner in June 2014 after an international competition remaining in the post until March 2017 when, soon after the privatisation unit was dissolved, he was appointed an executive director of the Central Bank.