In its July 2004 issue, The Banker magazine announced the world ranking of banks. Based on the strength of each bank's Tier One capital at the end of 2003, Bank of Cyprus ranked 335th with Tier One capital of $1,08 billion, which was higher than the 361st position held in the previous year. Bank of Cyprus ranked in the 322nd position worldwide in terms of total assets, which amounted to $19,1 billion (2002: 356th position).

Bank of Cyprus ranks clearly in the first place in the country ranking and in the 120th place in the European Union ranking.

The improvement in the world ranking of Bank of Cyprus was achieved under the very difficult conditions which prevail in the Cyprus banking market and is an indicator that the strategy followed by the Group is correct. This strategy is based on continuously strengthening the Group's capital base in order to support its international expansion, particularly in Greece.