At its meeting held today, the Board of Directors of Bank of Cyprus Public Company Ltd (the Bank of Cyprus) noted that on 7 October 2004 the High Court in London, England ordered the transfer of the business of the Group?s subsidiary company, Bank of Cyprus (London) Limited (BCL), to the Branch of Bank of Cyprus in the UK with effect from 1st November 2004. This order was made on the application of Bank of Cyprus Public Company Limited following its decision taken in February 2003 to seek the transfer of business.

Merging the activities of the two banking units will not affect the level of customer service, but is expected to benefit the Group by releasing additional regulatory capital and improving operational efficiency through cost savings.

At its meeting held today, the Board of Directors of Bank of Cyprus approved the operation of the combined UK business under the name Bank of Cyprus UK.