Piraeus Bank announces that its Romanian subsidiary "Piraeus Bank Romania S.A." entered on July 17, 2008 into a Share Purchase Agreement for the acquisition of 51% of the share capital of "Finnagan Holdings Limited", a company incorporated in Cyprus, being the sole shareholder of "Capital Partners SRL", a company incorporated in Romania, for a total consideration of Euro 32,000,000. Capital Partners SRL provides services in connection with mergers and acquisitions, the financing of business undertakings including the financing of real estate development, real estate brokerage and the capital structure of corporations, and will provide in addition, in accordance with the aforementioned agreement, services in connection with the placement of securities either privately or to the public.

Transaction completion is expected within the following months, following the submission of all necessary notifications and receipt of any necessary approvals of the competent supervisory authorities.