The Bank of Cyprus Group announces that, Mr Nicolas Sparsis has been appointed General Manager of the Bank of Cyprus Finance Corporation with effect from 1 January 2004. Mr Sparsis holds a BA degree in Economics from Essex University and an MBA from City University Business School. He has many years of banking experience.

Mr Sparsis has succeeded Mr Loucas Marangos, ex Manager of the Bank of Cyprus Finance Corporation, who retired at the end of December 2003. The Bank of Cyprus Group expresses its appreciation to Mr Marangos for his contribution to the Bank of Cyprus Finance Corporation.