During routine session of shareholders Piraeus banking group officially published 2008 financial results which were assessed as positive. Given the forthcoming recession and difficult global economic situation, key directions of Group’s activities in 2009 were also defined and they include maintenance of high liquidity and severer control of operative expenses.

While commenting upon Group’s financial results, Mr Michalis Sallas, Piraeus Group CEO, pointed out that, at this difficult historic moment, the Bank focuses on high quality of service and maintenance of quality of loan portfolio.

“Loan expansion at the market will definitely be limited when compared to previous years. However, this crisis is an opportunity for rationalization, reorganization of sources and dynamic surpassing of the crisis. Piraeus Bank moves in that direction decisively”, Mr Sallas pointed out while addressing the gathered.

In late December 2008, assets of Piraeus Banking Group, Greek’s fourth bank in size, amounted to 54, 9 billion EUR. Value of loans came out to 39 billion EUR which accounts for 27 % increase, while citizens’ deposits and bonds reached 31, 3 billion EUR, recording 31 % increase. In addition, number of clients in Greece also augmented to 2, 1 million as opposed to 1, 9 million clients in 2007.

In 2008, net profit of the Group amounted to 530 million EUR. Compared to 2007’s 503 million EUR profit augmented by 5 %. The loans due longer than 90 days come out to 3, 56 % despite worsened economic ambience, which is the best rate of Greek market.

Coverage rate (accumulated reserves for belated loans) significantly increased to 51 %, compared to 40 % in 2007. Adequacy of Group’s capital remained at very satisfying level with total rate of capital adequacy amounting to 10 % and level I coming out to 8 %.

Despite the current economic situation and standstill of global economy, Piraeus Bank opened 151st offset in 2008, 38 of which are located in Greece while the other 113 are scattered abroad. Group’s network now encompasses 895 offsets in 9 countries.