In recent press articles in Greek newspapers it is mentioned that the Bank of Cyprus is a possible acquisition target by other banks, whereas in other articles it is mentioned that a Greek group is rumoured to have submitted an offer to acquire the Bank of Cyprus' branch network in Greece. The Bank of Cyprus Group denies the content of these articles and states that the matters mentioned in the articles have never been brought to the attention of the Group.

Founded in 1899, the Bank of Cyprus Group is the leading Cypriot banking and financial services group. In 1991, the Group established its first branch in Greece where it has been expanding rapidly since 1999. It has an established banking presence in the United Kingdom and in 2001 it expanded to Australia through a wholly owned subsidiary bank. In addition to retail and commercial banking, the Group's activities include finance, factoring, investment banking, brokerage, fund management, custody, life and general insurance. The Group currently operates through a total of 273 branches, of which 147 operate in Cyprus, 110 in Greece, six in the United Kingdom, nine in Australia and one in the Channel Islands. Bank of Cyprus also has representation in the United States of America, Canada, South Africa, Russia and Romania. The Bank of Cyprus Group employs 6.060 staff worldwide. At 30 September 2005, the Group's Total Assets reached C£11,79bn (euro 20,58bn) and the Group's Shareholders' Funds were C£626mn (euro 1,09bn). The Bank of Cyprus shares are listed on the Cyprus and Athens Stock Exchanges. Additional information can be found at the Group's website www.bankofcyprus.com