Bank of Cyprus shareholders say no to Marfin

The Board of Directors of Bank of Cyprus convened Friday in a scheduled meeting and apart from the items which were on its scheduled agenda, it also reviewed the public statements by Marfin Popular Bank about the withdrawal of the resolution that Marfin requested to be submitted to the Annual General Meeting of the shareholders of Bank of Cyprus to take place on 6 June 2007.

To this point in time, the Board of Directors of Bank of Cyprus has had no formal notification about the intentions of Marfin Popular Bank. As a result, the Board of Directors of Bank of Cyprus will examine the matter when and if it is formally notified by Marfin Popular Bank.

The Board of Directors also noted the important decision of the Commission for the Protection of Competition to take the matter of concentration created by the acquisition of 8% of the share capital of Bank of Cyprus by Marfin Popular Bank to a full investigation, in accordance with the procedures stipulated in the relevant Law.

The Board of Directors expressed its pleasure regarding the support it is receiving by the large number of shareholders of Bank of Cyprus, institutional investors and the Church (as a shareholder of the Bank) regarding the Group’s strategic choices. This support seems to have forced the Managing Director of Marfin Popular Bank to change stance on the matter. The Board considers that the continuation of this support is important in order to give an end to the current condition of insecurity and disorientation of the banking system.

Concluding, the Board has expressed its satisfaction about the continuing interest in the course of Bank of Cyprus shown by Archibishop Chrysostomos.

Reports suggest that the percentage of proxies already in the possession of the Board and Management is already above 50% and more proxies and support pledges are pouring in as the date of the Annual General Meeting approaches.