ING Group and Piraeus Bank have mutually decided to focus their strategic alliance mainly in the bancassurance sector. For this purpose they have agreed to implement changes designed to bolster bancassurance and employee benefits product sales through their joint venture company in Greece, ING-Piraeus Life Insurance Company SA.

The two sides also decided that their direct cross equity participation is no longer necessary, as the parties have had the opportunity to bond their relationship over the past three years, and there is no further need to commit capital. It is expected that such liquidation of the cross shareholding scheme, which will be effected in accordance with the terms of the Strategic Alliance Agreement between ING Group and Piraeus, will also register a profit for Piraeus Bank in the first half of 2006. Based on current stock exchange share prices, such capital gains are expected to exceed EUR 70 million within 2006. Both sides have also decided to evolve their cooperation in the Asset Management sector into a structure which will provide considerably more flexibility to both sides, following the recommendations of a joint expert team formed for this purpose. The parties currently cooperate through a joint venture company in Greece, namely ING-Piraeus Asset Management AEDAK.