BANK OF CYPRUS GROUP ANNOUNCEMENT

The Bank of Cyprus Group announced in a Press Conference held on 10 January 2001 that both General Insurance Company (G.I.C.) and EuroLife will expand their operations in the Greek market through the establishment of branches in Greece.The branch of G.I.C. will operate under the name ?KYPROU INSURANCE? while the branch of EuroLife will operate under the name ?KYPROU LIFE?The branches of both insurance companies will commence operations by the end of the first quarter 2001 and will be housed at the Group Headquarters in Athens.Nicosia, 11 January 2001

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