Aristodemou is new Bank of Cyprus Chairman

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Theodoros Aristodemou was elected the new Chairman of Bank of Cyprus in a tight vote, beating his close rival former Finance Minister Michalis Sarris. Aristodemou received the vote of 9 members of the Board, against 8 for Sarris and 1 abstention. Andreas Artemis held to his post as Vice-Chairman.
The Bank of Cyprus Shareholders’ Annual General Meeting (AGM) was held on 14 May 2008 in Nicosia. The AGM was attended by 1.450 shareholders, either in person or by proxy, who represented 160.389.311 shares, that is 28,33% of the total share capital.
The AGM approved the proposal of the Board of Directors for the payment of a final dividend of EUR0,25 per share in addition to the interim dividend of EUR0,19 per share which was paid to the shareholders in December 2007, which will be paid from the earnings of 2007.
The ex-dividend date is Monday, 26 May 2008. The dividend will be paid to eligible shareholders on Tuesday, 10 June 2008.
The AGM also approved the re-election of the retiring directors Messrs Vassilis G. Rologis, Christakis G. Christofides, Anna Diogenous, George Μ. Georgiades, Manthos Mavrommatis and the election of Messrs Michalis Sarris and Nicos Tsakos.
Among others, the AGM approved the remuneration of the members of the Board of Directors, including the remuneration of the Chairman and Vice-Chairman and the Group’s Remuneration Policy. Approved the re-appointment of the auditors Ernst & Young and authorised the Board of Directors to determine their remuneration. Approved the establishment of a Share Options Plan for the allotment of share options to the employees of the Bank of Cyprus Group. The Board of Directors was authorised to issue up to 15 mn Bank of Cyprus shares of nominal value €1 each, within the context of the Share Options Plan, without these shares being offered to existing shareholders first.

New Chairman
Following his election as Chairman, Theodoros Aristodemou thanked the retiring Chairman Eleftherios P. Ioannou, the Vice-Chairman Andreas Artemis, the other members of the Board of Directors, the Group Chief Executive Officer Andreas Eliades, the Group Chief General Manager Yiannis Kypri and the Management team for their work to date.
He also assured them that he will work with them for the further progress of the Bank of Cyprus Group and for the interest of the shareholders, customers and employees.
Theodoros Aristodemou graduated from the Economics Science department of the University of Athens. He is the founder, Managing Director and Chairman of Aristo Developers Plc Group of companies. He served as Chairman of the Paphos Chamber of Commerce and Industry, Chairman of other organisations, member of the Tourism Advisory Committee, and as a member of the Board of Directors of the Cyprus Telecommunications Authority and of Cyprus Airways. He is the Vice-Chairman of the Cyprus Chamber of Commerce and Industry. He served as a member of the Board of Directors of Cyprus International Institute for the Environment and Public Health in association with the Harvard School of Public Health. Since 1991 he is a member of the Board of Directors of Bank of Cyprus and since 2005 he is Chairman of the Divisional Board of Bank of Cyprus Greece.
Andreas Artemis studied Civil Engineering at the Queen Mary and Imperial Colleges of London University and holds a B.Sc. (Engineering) and a M.Sc. degree. He is Chairman of Commercial General Insurance. He is also a member of the Board of Directors of the Cyprus Employers and Industrialists Federation and of the Council of the Cyprus Red Cross Society. He has served on the Board of Directors of the Cyprus Telecommunications Authority and since 1996 he is the Honorary Consul General of South Africa in Cyprus. He is a member of the Board of Directors of the Bank of Cyprus Group since March 2000 and Vice-Chairman since May 2005.

The Board of Directors comprises the following directors:
Theodoros Aristodemou Chairman
Andreas Artemis Vice-Chairman
George Μ. Georgiades Member
Anna Diogenous Member
Andreas Eliades Member
Andreas J. Jacovides Member
Yiannis Kypri Member
Manthos Mavrommatis Member
Christos Mouskis Member
Evdokimos Xenophontos Member
Christos S. Pantzaris Member
Andreas Pittas Member
Vassilis G. Rologis Member
Michalis Sarris Member
Costas Z. Severis Member
Nicos Tsakos Member
Costas Hadjipapas Member
Christakis G. Christofides Member