PIRAEUS BANK

Corporate Profile

Piraeus Bank Group is one of the most dynamic and active financial organisations in Greece today. Founded in 1916, Piraeus Bank went through a period of state-ownership and management (1975-1991) before it was privatised in December 1991. Since then, it has continuously grown in size and activities.

Along with its organic growth, Piraeus Bank made a series of strategic moves with the goal of establishing a strong presence in the domestic market. Thus, in 1998, the Bank absorbed the activities of Chase Manhattan in Greece, took over controlling interest in Macedonia-Thrace Bank and acquired the specialised bank Credit Lyonnais Hellas. At the beginning of 1999, the Bank acquired Xiosbank and absorbed the activities of National Westminster Bank Plc in Greece. In June 2000, the Bank unified its three commercial banks in Greece (Piraeus Bank, Macedonia-Thrace Bank and Xiosbank), creating one of the three largest private sector banks in Greece.

In early 2002, Piraeus Bank acquired the Hellenic Industrial Development Bank (ETBAbank). ETBAbank was absorbed by Piraeus Bank in December 2003. Also, at the beginning of 2002, a strategic alliance agreement for the Greek market was signed between Piraeus Bank Group and ING Group, focused in the field of bancassurance, which was renewed for 10 more years in October 2007.

In early 2005, Piraeus Bank Group, implementing its strategy for expansion in Southeastern Europe and Eastern Mediterranean markets, acquired the Bulgarian Eurobank (renamed into Piraeus Βank Bulgaria), strengthening its presence in Bulgaria, while the merger of Piraeus Bank branches in Bulgaria with Eurobank was completed in March 2006. Furthermore, in 2005, it entered into the Serbian market by acquiring Atlas Bank (renamed into Piraeus Bank Beograd), and into Egyptian market by acquiring Egyptian Commercial Bank (renamed into Piraeus Bank Egypt). In 2007, Piraeus Bank Group entered the Ukrainian market by acquiring 99.6% of the Share Capital of International Commerce Bank (renamed into Piraeus Bank ICB), while also acquiring at the end of the year the branch network of Arab Bank in Cyprus, as the first step of the Group's operations in the island.

Today, Piraeus Bank leads a group of companies covering all financial and banking activities in the Greek market (universal bank). Piraeus Bank possesses particular know-how in the areas of retail banking, small and medium-sized enterprises (SMEs), capital markets and investment banking, leasing and financing of the shipping sector.

These services are offered through the Bank's nation-wide network and also through the electronic banking network of Winbank. The latter was launched in the beginning of 2000, as the first complete electronic banking service in Greece, offering a full set of services through four different channels of distribution (Internet, mobile phone, call centre and ATMs). The excellent level of services of Winbank has attracted a number of awards and distinctions, while Winbank has been the only e-banking service in Greece certified with ISO 9001:2000.

Piraeus Bank Group has a growing international presence, focused in Southeastern Europe and Eastern Mediterranean, but also in the financial centres of London and New York. In particular, the Group is present in the USA through Marathon Bank, based in New York with 14 branches, in London with a branch of Piraeus Bank, in Albania through Tirana Bank with 39 branches, in Romania through Piraeus Bank Romania with 110 branches, in Bulgaria with 76 branches of Piraeus Bank Bulgaria, in Serbia with 45 branches of Piraeus Bank Beograd and in Egypt with 53 branches of Piraeus Bank Egypt. Moreover, the recently acquired bank in Ukraine operates 86 branches.

Main strategic targets of Piraeus Bank Group are: further enhancing market shares in Greece and abroad wherever it operates, improving service quality and customer satisfaction, creating innovative products, further enhancing the Group's position in retail banking and small and medium-sized enterprises financing, strengthening the Group in the areas of asset management and bancassurance and, finally, strengthening profitability with a view of constantly increasing shareholder value.

The Group's fundamental policy direction for human resources development is based on the efficient management of human resources, leading to the creation of skilful and dedicated personnel able to function within the framework of the competitive EU banking market. At the end of December 2007, the Group employed 12,357 people.

At the end of December 2007, Piraeus Bank Group had a network of 744 branches (320 in Greece and 424 abroad) and its equity capital amounted to €3,310 mn. The clients' deposits, repos and retail bonds issued amounted to €23,914 mn, loans reached €30,705 mn and total assets were €46,427 mn.

www.piraeusbank.gr