BOC seeks approval for Emporiki bid

Bank of Cyprus Pcl has applied to the Cyprus Competition Commission seeking approval of its bid for control of Emporiki after it secured the relevant permission from the Greek Capital Markets Commission to publicise its prospectus.

The Cyprus Competition Commission needs to give its approval for the bid in view of the fact that Emporiki has a presence in Cyprus with 5 branches and a 1.5% market share. Permission is likely to be granted in view of the very small share commanded by Emporiki in Cyprus.

Meanwhile the Greek Capital Markets Commission approved the Information Memorandum relating to the public offer by Bank of Cyprus announced on 22 June 2006 to acquire all common registered shares of Emporiki Bank of Greece S.A. for the sum of EUR 6 in cash together with 3,25 Bank of Cyprus shares for every Emporiki share.

Vassilis Rologis, Chairman of the Bank of Cyprus Group, stated:

“Our offer provides added value to the shareholders of Emporiki, it expresses our confidence in the dynamism of the Greek economy and creates a new strong banking organisation in southeastern Europe.”

Andreas Eliades, Group Chief Executive Officer of the Bank of Cyprus Group, stated: “The public offer by the bank of Cyprus satisfies all parties: it provides shareholders with value and prospects, employees with job security and future, whereas it enhances national competitiveness and entrepreneurship.”

The acceptance period during which the holders of the Shares may declare their acceptance of the Public Offer (the “Acceptance Period”) commenced on Friday 7 July 2006 and ends at the close of business on 7 August 2006.

As of 7 July 2006, Shareholders may obtain copies of the Information Memorandum from all branches of Bank of Cyprus in Greece and on the Bank of Cyprus Group’s website www.bankofcyprus.com

(select Inv. Relations/ Prospectuses).