Further to its announcement dated 21.12.2005, Piraeus Bank S.A. announces completion of the sale and transfer to ?ING Investment Management Europe B.V.? of its entire 49% participation in the share capital of ?ING Piraeus MFMC?. Such transfer was implemented in the framework of the common decision of the two Groups to evolve their cooperation in the Asset Management sector into a structure which will provide considerably more flexibility to both sides.
ING PIRAEUS MFMC was renamed to ING MFMC and has become a wholly owned subsidiary of ING ΙΜ, member of the ING Group, without any association with the Piraeus Bank Group. Piraeus MFMC will be the new Mutual Fund Management Company of the Piraeus Bank Group, which will undertake all asset management work for the Group.
At the same time, the separation of all joint asset management activities and their allocation between the two MFMCs has been also concluded in accordance with the recommendations of a joint expert team. The two Groups will maintain their cooperation in the Asset Management sector through distribution and representation agreements for mutual funds and other investment products in Greece.
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 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 GROUP.