BOC sells UL stake for CYP 7.8 mln

The Bank of Cyprus Group has reached an agreement to sell to Andreas Georghiou and to the Group of Photos Photiades Ltd the shares it holds in Universal Life Insurance Public Co. Ltd. for CYP 7.8 mln in cash.

The total consideration for the shares of the Company held by the Group and related funds, which correspond to 28% of the Company’s share capital, is CYP 7.8 mln.

The number of the Company’s shares held by Bank of Cyprus Public Company Ltd and its subsidiary companies amounts to 2.9 mln. The corresponding consideration for these shares in accordance with

the agreement amounts to CYP 6.1 mln. It is noted that the book value of these shares in the financial statements of the Group as at 31 December 2005 was CYP 5.8 mln.

The agreement is subject to completion within six months, in order to provide the buyers with sufficient time to take the necessary actions