Final agreement of Piraeus Bank S.A. with “ING Greek Life Insurance Company S.A.» and «ING Greek General Insurance Company S.A.» on the liquidation of their respective cross-shareholdings

Further to its announcement dated 21.12.2005, Piraeus Bank S.A. announces that it has reached final agreement with the ING Group subsidiaries in Greece, namely "ING Greek Life Insurance Company S.A." and "ING Greek General Insurance Company S.A", on the liquidation of their respective cross-shareholdings in accordance with the Strategic Alliance Agreement dated 18.01.2002.

In compliance with said Strategic Alliance Agreement, following the recommendation of Piraeus Bank, "ING Greek Life Insurance Company S.A." and "ING Greek General Insurance Company S.A", have appointed Citigroup Global Markets Limited as bookrunner in the placement of their participation in Piraeus Bank, consisting of 8,357,875 ordinary Piraeus Bank shares or approximately 3.9% of the Piraeus Bank share capital, to institutional investors via an accelerated bookbuild process.

In accordance with the Strategic Alliance Agreement, following the recommendation of ING Group, Piraeus Bank has appointed ING Corporate Finance in order to sell Piraeus Bank's entire holding of 3.350.000 certificates of ING Groep N.V. shares through a series of moderated sales on Euronext Amsterdam.

In line with the Strategic Alliance Agreement between the parties, the net proceeds of the sale of the Piraeus shares (i.e. after deduction of the ca €70 million acquisition cost) will be recorded in the Piraeus Bank books. 
Both ING Group and Piraeus Bank will continue their close cooperation and will proceed to enhance their strategic alliance by placing emphasis on the bancassurance sector. This cooperation will be further augmented by the introduction of new joint services and products.

This press release does not in any manner constitute nor should it be characterised, considered or regarded as an invitation to the public to invest or as an invitation for collection of the public's savings nor an advertisement, notification, statement or announcement soliciting investment in the shares of Piraeus Bank or ING.