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Bank of Sydney appoints new CEO

The former chief executive of MyState Ltd is set to join the non-major bank as its new CEO later this month.

The Bank of Sydney has announced the appointment of Melos Sulicich as its new CEO, commencing on Monday, 15 May 2023.

He takes over the position from Miltos Michaelas, who will be departing the bank at the end of June 2023 and returning to Cyprus after six years at the helm of the bank. 

Mr Sulicich has more than 20 years of experience in the financial services space, having been the managing director and CEO of MyState Ltd (2014–21) and the CEO of RAMS Financial Group (2008–13).

He has also recently served as a non-executive director of the Australian Banking Association Limited (and a member of its finance, audit, and risk committee) and is currently an independent non-executive director of Challenger Bank Limited (and a member of its audit committee and risk committee).

Speaking of the new appointment, the Bank of Sydney’s chairman Nicholas Pappas AM noted the incoming CEO’s significant Australian and international experience within a number of leadership and board positions and particularly in driving growth across industries and deep expertise in the banking and financial services sector.

He said: “The board is delighted that Melos Sulicich will lead the bank through the next phase of its ambitious growth journey. Melos demonstrates strong alignment with Bank of Sydney’s values and will be a tremendous asset to the organisation.

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We wish him every success.”

Commenting on his new role, Mr Sulicich commented: “I’m excited to be asked to lead Bank of Sydney at this point in time. I’ve always enjoyed working in and leading challenger brands to drive change and provide better customer outcomes. 

“Bank of Sydney has a unique opportunity to grow significantly at a time when people and businesses are looking for a better alternative and I look forward to working with the team to deliver a better banking experience for all Australians.”

The Bank of Sydney thanked the outgoing CEO for having successfully guided the development of the bank’s long-term strategic plan with a focus on driving internal efficiencies and the implementation of automation and digitisation projects. 

Mr Pappas stated earlier this year: “Miltos Michaelas has held the position of CEO, for over six years and has shown unwavering dedication and service. Most notably, Miltos successfully led the Bank through one of its largest transformational periods, the products of which will be continued and sustainable organisational growth. 

“The board conveys to him and his wife Despo its deep appreciation for all that has been achieved and wishes them well on their return to Cyprus.”

Mr Michaelas commented at the time: “There is strength in Bank of Sydney’s board, executive, people and operational capabilities. 

“Bank of Sydney is in a strong position to achieve growth, and the timing is right for me to now focus on my family overseas.”

[Related: Bank of Sydney implements fintech to lending process]

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