BOC says Piraeus not welcome

The Board of Directors of Bank of Cyprus believes that the actions of Piraeus Bank S.A. are not in the best interest of the shareholders of Bank of Cyprus as a whole, as they lack completeness as well as substantiated strategic intention.

The Board of Bank of Cyprus was informed of the investment interest of Piraeus Bank S.A. and subsequently its “strategic” interest in Bank of Cyprus.

As already announced, Bank of Cyprus in line with its strategy of growth in the Greek market and the privatization program of the Greek Government, has submitted a public tender offer for 100% of the share capital of Emporiki Bank of Greece S.A. (“Emporiki”). The extensive and traditional client base of Emporiki and the significant potential for improvement of its operations using the experience of Bank of Cyprus, provide an opportunity to create a leading Hellenic Banking Group and create value for the shareholders of both banking groups.

Piraeus said it has acquired a 6.4% stake in BOC.

Eliades Board member

At the meeting of the Board of Directors of Bank of Cyprus Public Company Ltd., Polys Polyviou resigned from his position as member of the Board of Directors. The Board of Directors of the Bank expressed its warmest thanks to Polyviou for his long-standing

and valuable contribution to the Board.

At the same Board meeting, Andreas Eliades, Group Chief Executive Officer, was appointed as member of the Board of Directors of the Bank