In order to continue the efforts of improving the structures of the Group and to adjust to the new developments taking place in the international and domestic market, respectively, the Board of Directors of the companies, National Bank of Greece S.A. and Ethniki Akiniton S.A., on 29.7.2005, decided to merge through an acquisition of the latter from the first, in accordance with the provisions stipulated in articles 69 of Codified Law 2190/1920, articles 1-5 of L.2166/1993 and article 16 of L.2515/1997. The restructuring balance sheet date was set for 31.7.2005.