BOC in EUR 200 mln issue

The Board of Directors of Bank of Cyprus Public Company Ltd having examined, among other matters, the capital needs of the Bank of Cyprus Group for Tier 2 Capital and in view of the Bank’s option to repay the EUR 275 mln Subordinated Bonds 2006/2011 on or after 20 June 2006, decided to issue subordinated Tier 2 Capital of EUR 200 mln, with an option to increase the amount, under the Bank’s Euro Medium Term Note Program.

The Bank decided to appoint the international investment houses Barclays Capital and UBS Investment Bank as lead managers of the issue, with Alpha Bank obtaining a leading position in the syndicate which will be created.