Further to articles published in today's Press, in relation to the actions of Piraeus Bank following the acquisition of 6% of the Bank of Cyprus, the management of Piraeus Bank explains that:
1. The acquisition of 6% of the Bank of Cyprus is part of the strategy of Piraeus Bank for further growth of the Group in Greece and southeastern Europe. Piraeus Bank believes that there are significant and favourable prospects of strategic cooperation for both sides, given the extensive complementarity of the networks and activities of the two banks in Greece, and that they can enhance their overall position in the region, with a strong presence of their networks in the Greek and Cypriot market, as well as in the Balkan markets of Bulgaria, Romania, Serbia, Albania, and in Egypt. At the same time, the two banks have a sizeable presence and complementarity in countries or major cities with a large number of expatriates, such as New York, London, and Australia.
2. The growth strategy and business planning of Piraeus Bank Group does not require the share capital increase of Piraeus Bank, for it has adequate liquidity and capital in excess of regulatory requirements, as already stated by the chairman Mr. Michalis Sallas at the general meeting of shareholders of the bank.
3. It is finally clarified, once again, that the management of Piraeus Bank has no involvement in the initiative of the Bank of Cyprus to bid for Emporiki Bank. There has been no understanding between the two banks on this matter, and Piraeus Bank has no participation in the bid to be submitted.