After nearly two decades of service, Dr Nicholas Pappas AM has stepped down as Chairman of Bank of Sydney, marking the end of an era defined by growth, transformation, and deep community engagement.
Succeeding him is seasoned business leader Nikolas Hatzistergos, who officially assumed the role of Chairman on 27 August 2025, after serving on the Bank’s Board since 2006 as a Non-Executive Director and Chair of the Audit Committee.
In an exclusive Q&A with The Greek Herald, Mr Hatzistergos reflects on his journey with the Bank, his vision for its future, and how its Hellenic roots continue to shape its culture and values.
A new chapter of leadership
“It has been a privilege to witness the Bank’s evolution,” Mr Hatzistergos says, recalling his long association with the institution. “I am deeply honoured to now take on the role of Chairman and help guide the next chapter of the Bank’s evolution.”
Since joining the Board nearly two decades ago, he has observed pivotal moments in the Bank’s growth – from its 2013 rebranding as Bank of Sydney, to surpassing $2 billion in deposits and loans in 2019, and opening the Bank’s flagship Pitt Street branch in 2020.
“The global pandemic was also a defining period where we demonstrated resilience and care in managing our staff, customers, and our regulatory obligations,” he notes.
“We are currently undertaking the largest investment in the Bank’s history to build the infrastructure and digital platforms and processes to help make banking simpler and more accessible.”
The milestones, however, extend beyond business performance. “We’re proud of our partnerships with community organisations that celebrate culture, inclusion and financial wellbeing — including the Greek Festival of Sydney, Antipodes and Glendi festivals in Melbourne, the Cyprus Community of SA, HACCI, and the Hellenic Museum.”
Governance, Relationships, and Resilience
With more than 30 years’ experience in corporate governance and accounting, including roles as Executive Chairman of William Buck (NSW) Pty Ltd and President of the Hellenic Club Limited, Mr Hatzistergos brings a wealth of insight to his new position.
“My background in accounting and corporate governance has reinforced the importance of strong relationships – with our customers, our people, our partners, shareholders and regulators,” he explains. “These relationships are central to building trust and creating long-term value, especially in financial services.”
His governance experience, he adds, has given him a broad perspective. “I have seen how effective governance enables organisations to navigate complexity, adapt to change, and grow sustainably. These lessons continue to shape how I contribute to the Bank’s direction and ensure we remain focused on performance, resilience, and delivering value to our customers.”
The next stage of growth
Looking to the future, Mr Hatzistergos envisions a period of modernisation and innovation, underpinned by the Bank’s commitment to community.
“As we move into the next phase of growth, our focus is on modernising how we operate and connect – particularly through digital transformation,” he says. “We’re working to stay agile and relevant for today’s customers and their next generations, while continuing to build strong relationships across our communities.”
For customers, this transformation will translate into enhanced digital banking experiences, personalised communication, and quicker response times. Internally, the focus will be on efficiency and empowerment.
“For our staff, we’re streamlining processes to make day-to-day operations more efficient and empowering them to deliver even better service,” he says.
His priority as Chairman, he adds, is “to ensure we stay true to our values while accelerating innovation and growth – always with our customers, people, and communities at the heart of everything we do.”
The Hellenic spirit
Despite its growth and diversification, the Bank of Sydney has never lost sight of its cultural foundations.
“We are proud of our Hellenic heritage, which continues to shape our values and the way we do business,” Mr Hatzistergos says. “This legacy is reflected in the strong relationships we’ve built – with our customers, our people, our partners, and the communities we serve.”
He adds that while technology will play a key role in the Bank’s future, its ethos remains grounded in connection and authenticity. “Even as we grow and evolve – particularly through digital transformation – we’ll always be a relationship bank. Mostly, we want to adhere to the most fundamental Hellenic value: filotimo.”
Banking on relationships and innovation
When asked how the Bank sets itself apart in a crowded financial sector, Mr Hatzistergos is clear: “At Bank of Sydney, our greatest differentiator is the strength of our relationships. We’re a relationship bank at our core – focused on helping customers achieve real outcomes, whether that’s buying a home, growing a business, or planning for the future.”
However, innovation remains central to this vision. “While people remain central to who we are, we see innovation as a key enabler. We’re investing in digital technologies to improve the customer experience – making banking more personalised, efficient, and accessible.”
This forward-thinking approach will ensure the Bank remains relevant and responsive. “We’re expanding our capabilities to meet the evolving needs of our customers, ensuring we stay ready to support them at every stage of their financial journey.”
A vision for the future
Over the next five years, Mr Hatzistergos sees the Bank evolving further as a trusted partner for both individuals and businesses.
“As Chair my vision is to be the bank of choice within our target markets – including our customers and the diaspora and their next generations – while continuing to build strong relationships across our communities,” he says.
“In an increasingly competitive and digitised banking environment, Bank of Sydney will continue to evolve as a trusted partner. Our focus is on deepening our relevance by investing in digital technologies, broadening our product suite, and streamlining the banking experience – without the complexity and bureaucracy that often come with larger institutions.”
He underlines that the Bank’s growth strategy is “grounded in relationships,” adding: “As we grow, we’re committed to doing so securely, responsibly and with purpose.”
‘A partner in your financial journey‘
As the Bank enters this new chapter, Mr Hatzistergos’ message to customers and the community is one of gratitude and confidence.
“To our customers and the wider community, I want to express my sincere gratitude for your continued trust and support,” he says. “This new chapter for Bank of Sydney is about building on our strong foundations while embracing the future with confidence.”
“We don’t want to be seen as just a bank, but as a partner in your financial journey,” he adds. “This is an exciting time for Bank of Sydney, and we look forward to continuing to earn your trust every step of the way.”
