Ergatoudes Michalakis

Founder and Partner of U Turn Consultants

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U-TURN Consultants

Professional Highlights 

 Michael has 33 years experience in banking with the Bank of Cyprus Group. He held managerial positions in many areas/functions, including general management at CEO level, risk management, loan sanctioning, strategic planning and economic research. His last two roles in banking were both in Russia; the first one to launch a new corporate fully licensed bank, and the second to set up a risk management division in a medium-sized universal bank. Prior to this, he served at the Group‟s head office in Nicosia, in various positions, which very often involved the development of modern systems and structures in his areas of expertise. 

Relevant Experience

  • ​Freelancer/consultant, Greece, Cyprus, 2013 to present o Various projects in the areas of product development for Wilson Learning Sem, Cyprus and risk-related consultancy for U-Turn Management Consultants, Athens
  • 2011 Launched a Risk Management Division from scratch in a medium sized Russian Commercial Bank and served as its first CRO
  • 2007 Launched a brand new Russian Fully Licenced Commercial Bank and served as its first CEO
  • 2002 Created the Credit Risk Policy and Systems Unit for the Bank of Cyprus BOC Group covering its worldwide operations including: Cyprus, Greece, United Kingdom and Australia
  • 2000 Responsible for the development of all the Credit Rating Systems and Risk Pricing Systems across all Group subsidiaries, as well as for the setting up of the entire Credit Risk Division in Australia
  • 1996 Full Responsibility of Corporate Banking and Corporate Relations at Bank of Cyprus: this included a large portion of the top 100 Cypriot Corporates, many of which with a multinational reach
  • 1983-1995 Involved in the Bank of Cyprus Strategy, starting as the Bank‟s Chief Economist before heading the entire Strategic Planning Division: During this period he developed the first computerised Financial Model of the Bank‟s operations through which all lending and operational 14 strategies were simulated and tested. He was given major responsibility of strategizing the market entry of the BOC in the Greek and Australian markets. 


 Michael has a PhD in Economics from the University of Bradford, UK, where, as an undergraduate, he was awarded the Adam Smith – Tassie Medallion for the best performance in Economics. He has extensive teaching and training experience at institute, college and university level. He served on a number of public advisory committees and bodies regarding socioeconomic issues and on the board of the Cyprus Economic Society. Outside banking, he has spent time in Saudi Arabia, as a socio-economic research manager.