At its meeting held on 25 October 2005, the Board of Directors of the Bank of Cyprus Public Company Ltd (?the Bank?) decided to transfer the business of the Bank?s subsidiary companies Bank of Cyprus Finance Corporation Ltd and Bank of Cyprus (Factors) Ltd to the Bank of Cyprus Public Company Ltd with a parallel dissolution of the two subsidiary companies.

The businesses of the two subsidiaries are being transferred in the context of the reorganisation of the Bank of Cyprus Group ("the Group"), which aims at achieving synergies between the various units of the Group and consequently aims at further reduction of costs, while at the same time continuing to offer a high quality service to customers.

The transfer is expected to be finalised by the end of 2005.

In the context of the above-mentioned reorganisation, the Group has decided the termination of its international mutual fund BOC Global Equity Fund following its ten-year operation.