Bank of Cyprus Pcl (BOC) has called on its shareholders attending the Annual General Meeting to reject the proposal submitted by Marfin for cooperation. Bank of Cyprus has been obliged, following court order, to add the request of Marfin Popular Bank, holding 8.19% of the Bank’s share capital calling on BOC shareholders to decide on whether the Board should engage in talks with Marfin paving to a full scale cooperation and or merger between Cyprus’ two largest banks.
Bank of Cyprus attached the revised Notice of the Annual General Meeting of the shareholders, which has been mailed to the Bank’s shareholders, as well as a letter which sets out in detail the Bank’s official position relating to the proposed resolution by shareholder and competitor Marfin Popular Bank.
The Board of Directors and the Executive Management of Bank of Cyprus recommend the categorical rejection of the resolution proposed by Marfin Popular Bank, as they consider that it can be clearly proved that it is not for the benefit of our shareholders, our employees, customers and the economy in general.
The the Annual General Meeting of Bank of Cyprus Public Company Ltd (“the Companyâ€) will be held at the International Conference Centre, Nicosia, Cyprus,
on Wednesday, 6 June 2007 at 4.30 p.m., to transact the following business:
NORMAL BUSINESS:
1. To receive and consider the Directors’ report and the financial statements of the
Company for the year 2006 and approve the proposed dividend.
2. To elect members of the Board of Directors.
3. To fix the remuneration of the members of the Board of Directors.
4. To re-appoint the auditors and authorise the Board of Directors to fix their
remuneration.
SPECIAL BUSINESS:
On 19 April 2007, the resolution below was proposed for consideration at the Annual General Meeting of the Company by the Company’s shareholder Marfin Popular Bank Public Co Ltd, who at that date held approximately 8,19% of the Company’s total share capital, pursuant to article 134 of the Companies Law of the Republic of Cyprus:
Ordinary resolution:
«Instructions and authorisation of the Board of Directors to elaborate and discuss with Marfin Popular Bank Public Co Ltd the terms and sectors for a strategic cooperation between the two banks in order to generate synergies for the benefit of the shareholders of the two banks.»
