PIRAEUS BANK

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, OR JAPAN.

1 March 2006

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 Euro70 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.

THIS PRESS RELEASE IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION, INCLUDING THE HELLENIC REPUBLIC. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND WILL NOT BE OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.

This communication is for distribution only to and is directed only at persons falling within Article 19 or Article 49 of The Financial Services and Markets Act 2000 (Financial Promotion) Order as persons having professional experience in matters relating to investments or meeting the asset tests set out in Article 49 and to persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on by pers ons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Stabilisation/FSA

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, OR JAPAN.