At its meeting held today, the Board of Directors of Bank of Cyprus Ltd decided the change of the management structure of the Cyprus Investment and Securities Corporation Ltd (CISCO).

Under the new structure as of 6 June 2003, Mr Charilaos Stavrakis, Group General Manager International Banking Services, is also assigned the position of CISCO's General Manager. Mr Charilaos Stavrakis and Mr Evdokimos Xenophontos, Director and Group Chief General Manager and also member of the Board of Directors of CISCO, will be responsible for CISCO's management.

In line with international best practice, a new position has been created at the Group, that of Global Risk Management. The duties of this new position have been assigned to Mr Stelios Christodoulou, CISCO's ex General Manager.