* Mr Antonis Jacouris assumes the new crucial position of Group General Manager - International Business and Operations

* Mr Yiannis Siradakis is promoted to the position of General Manager of Bank of Cyprus Greece

* The position of the present Group General Manager - Finance, Mr Christis Hadjimitsis, is renamed to Group General Manager - Finance & Strategy

Nicosia, 7 February 2008

Bank of Cyprus Group announces that its successful entry into three new markets in 2007 (Romania, Russia, Ukraine) demands the creation of a new Group General Management position.

Mr Antonis Jacouris, the present Group General Manager Bank of Cyprus Greece and Information & Operations, with extensive experience and valuable contribution to the Group, assumes the crucial position of Group General Manager - International Business and Operations.

The General Management of Romania, Russia, Ukraine and Australia, as well as the Group Operations, the Group IT, the Group Organisation & Methods and the Group Human Resources Divisions, will be reporting to Mr A. Jacouris.

A new position reporting to Mr A. Jacouris is created, that of Senior Manager - Group Business Development, with emphasis on the new markets (Romania, Russia, Ukraine). The new position will be assumed by Mr Kyriacos Iacovides, the present Senior Manager - Retail and SME Banking Cyprus.

Mr Yiannis Siradakis, the present Senior Manager - SME & Retail Banking of Bank of Cyprus Greece is promoted to General Manager of Bank of Cyprus Greece. Mr Siradakis was born in Greece in 1964. He holds an MBA from University of Wales in the United Kingdom. He has been working with Bank of Cyprus Greece since 1991 and he was one of the core staff contributing to the dynamic course of Bank of Cyprus Greece, serving in various key positions.

A specialised Mergers and Acquisitions Unit is created within the framework of evaluation and review of the opportunities offered by the new internationalised environment, reporting to Mr Christis Hadjimitsis. Mr Christis Hadjimitsis is also responsible for the Group's strategy and his position is therefore renamed Group General Manager - Finance & Strategy.