Panikkos Vakkou is expected to move from the Cyprus Securities and Exchange Commission (CySEC) to the Central Bank of Cyprus (CBC) as an executive director, in a reshuffle that would see him once again succeed George Karatzias. 

Vakkou, who has served as CySEC vice-chairman since May 2024, is expected to take the CBC position being vacated by Karatzias, who is in turn set to return to the securities regulator as its new chairman.

The appointments have yet to be formally confirmed, with an official announcement expected following Thursday’s Cabinet meeting. 

When Karatzias left CySEC in May 2024 to become an executive member of the Central Bank’s board, Vakkou was appointed to succeed him as vice-chairman of the securities regulator. 

Two years later, Vakkou is now expected to follow Karatzias to the Central Bank, while Karatzias heads back to CySEC to take its top post. 

The Central Bank’s [current board] current board still lists George Karatzias and Evgenia Christodoulou as its two executive members, alongside Governor Christodoulos Patsalides and the non-executive members. 

Karatzias joined the Central Bank board in May 2024 after serving as CySEC vice-chairman from September 2021.  

Vakkou, meanwhile, first joined the CySEC board as a non-executive member in January 2024, before being elevated to vice-chairman on May 29 of the same year. 

His professional background spans banking, credit risk, financial technology and regulatory supervision. 

Before joining CySEC full-time, Vakkou served from September 2022 to May 2024 as Director of Operations and Credit Risk Manager at Haogen Technologies, according to his official CySEC biography. 

Previously, he spent six years, from 2016 to 2022, as a director at RiskMatrix, the regional partner of Moody’s Analytics. 

His earlier career was rooted in the banking sector. Vakkou joined Laiki Bank in 2009, before moving to the Bank of Cyprus in 2013. He later worked at the Cooperative Central Bank between 2014 and 2016 as a restructuring officer in its Large Exposure Management Department.

He is also a CFA Charterholder and holds an MSc in Mathematical Finance as well as a BSc (Hons) in Mathematics with Statistics from the University of Manchester. 

During his time at CySEC, Vakkou has also taken an active role in discussions surrounding the changing regulatory landscape, including digital investments, artificial intelligence, investor protection and financial literacy. 

Earlier this year, for example, he spoke to students at UCLan Cyprus about developments in financial markets, AI in investment activity and the growing risks posed by online investment fraud.  

He has also represented CySEC within the European Securities and Markets Authority (ESMA), where records list him as an alternate representative of the Cyprus regulator.  

Should the appointment be approved, Vakkou would become one of the CBC’s two full-time executive directors. 

Under the CBC Law, the board consists of the Governor, Deputy Governor, two executive directors and five non-executive directors. Directors are appointed by the Council of Ministers for a five-year term, which may be renewed.  

The law also provides that executive directors work on a full-time basis and assist the Governor in the management, supervision and control of the CBC’s operations, excluding matters falling within the competence of the European System of Central Banks.  

Confirmation of Vakkou’s move is expected after the Cabinet considers the appointments on Thursday.