The Bank of Cyprus Group (the Group) has reached a joint agreement with Laiki Group, to sell to the Aspis Group in Greece the shares they hold in Universal Life Insurance Public Co. Ltd for cash.

The agreement is subject to certain conditions and pre-requisites, mainly relating to securing the necessary approvals of the Authorities in Cyprus and Greece.

The total consideration for the shares held by the Group and related funds, which correspond to 28% of the company?s share capital, is C£7,3 million (euros 12,6 million).